Participants Access Accounts Via Computers & Mobile Devices

The Spectrem Group's Millionaire's Corner has released highlights of a study that looks at how retirement plan participants access their accounts. I think the main takeaway is that participants will use the method that is most convenient. If they are working in front of a PC or Mac, that will be a primary tool -- at or near 80% across all demographic groups. Most, of course, are always near their iPhone or other smartphone, so that is used by a vast majority as well. Tablets (including e-readers) have become very popular, but they are not quite as universal as smartphones, so while the usage numbers are strong, they are not as high as for smartphones or PC's/Mac's. By the numbers, here are Spectrem's highlights:

• Age 50+: smartphones (74%), tablet (53%), PC/Mac (78%)
• Ages 35-49: smartphones (82%), tablet (66%), PC/Mac (78%)
• Age <35: smartphones (91%), tablet (68%), PC/Mac (80%)
  
• Smartphone usage was at 71% in 2013; it is above that across all three demographic segments in 2014
• PC/Mac usage is higher among men than women (85% vs. 71%)

The last decade has been nothing short of phenomenal in how mobile technology has transformed how we access information. It wasn't so long ago that a participant had to call a customer service center and listen to a menu of voice prompts to get account information. The incredible popularity of smartphones and other mobile technology has enabled participants to easily access account information 24/7.