Baby Boomers Have Embraced Change-ExceptFor Direct Deposit

Register now

WASHINGTON - (12/29/05) Seventy-two percent of America’sseniors 65 and older use direct deposit, but only 59 %of Americansaged 45-64 do so, according to results of a survey sponsored byTreasury and the Federal Reserve Banks as part of their Go Directcampaign Go Direct is an effort to educate Americans about thebenefits of direct deposit for Social Security and other federalbenefits. The survey results show there is “a troublingdifference” between today’s seniors and the next waveof retirees, indicating “significant cost and securityimplications,” Treasury said. The findings also provide asurprising twist on commonly held perceptions about these agegroups, Treasury noted, especially in light of another recentfinding that shows baby boomers are 20% to 25% more comfortablewith technology than seniors. The government is concerned, becausepaper checks are significantly more expensive to issue thanelectronic deposits.

For reprint and licensing requests for this article, click here.