From the April 2008 issue of Boomer Market Advisor • Subscribe!

April 1, 2008

More on boomer segmentation

A baby boomer study by Experian Consumer Research shows that both young and old boomers want to be fully informed before committing to a financial service. However, only one group, older boomers, is more likely to shop around for the best financial deal. Surprisingly, the older boomers' use of online banking is growing at a faster rate than the younger boomers. For the study, young baby boomers were classified as 45- to 54-year-olds and older boomers ages 55 to 64.

Chris Wilson, president of Experian Consumer Research, explains that younger baby boomers' attitudes and opinions differ from older boomers, necessitating separate marketing initiatives. "Financial marketers should overlay their existing baby boomer data with customized psychographic information to best reach and inform these two groups," Wilson says. Download a free demographic profile of baby boomers and their financial attitudes at www.smrb.com.

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