Half of mobile internet users have used a mobile device to make a major financial purchase, such as getting a mortgage, buying a car or investing in stocks. Consumers most likely to have made a large transaction on their mobile device were between the ages of 30 and 49 (58% have done so).
A new study by Bankrate.com (NYSE: RATE), Despite their tech-savvy reputation, only 46% of millennials (18-29 year-olds) have purchased major items on a mobile device. That’s only slightly more than people age 50 and older.
Data security was named as the biggest concern among those who don’t regularly use mobile devices for financial transactions. Older Americans were far more likely to cite security fears as their primary reason not to use a mobile device to conduct major financial transactions. 53% of respondents 65 and older expressed this concern, while just 34% of millennials said this was the main reason to avoid large mobile transactions.
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