Boomers are the largest demographic on the Internet, and generally known as a tech-savvy bunch. But The Indianapolis Star reports an increasing number are chucking the fancy gadgets for more user friendly products -- ones without the nanosecond speed and elf-size keyboards.
"Call it fear. Call it function fatigue," the paper reports. "Either way, an increasing number of baby boomers say they've had it up to here with new technology."
The article then goes on to list some of the more popular boomer tech products. The Jitterbug Dial cell phone is made for people who can't stand squinting at tiny buttons and deciphering hieroglyphics just to make a call. If you're already lost, Indy Star wisely notes, your in-car navigation system shouldn't lose you, too. The paper claims the Magellan Maestro 4040 GPS navigation system is one of the most user-friendly portable navigation systems on the market. It has a 4.3-inch color screen that you control with your finger, like an ATM. Lastly, the strange icons and settings on most digital cameras are enough to fry any technophobe's brain. Hewlett-Packard's Photosmart R967 is an exception, and its ease of use is resonating with boomers.
The lesson for advisors? Boomers claim to be more educated and nuanced on financial matters than previous generations, and indeed many are. But a note of caution to keep it simple in client meetings is once again warranted.