Silver surfers on the increase

A new study from Just Retirement reveals how silver surfers could soon be set to overtake their younger counterparts in the internet savvy stakes. The survey of 7,000 over 50's reveals the extent to which the internet is becoming a crucial lifeline for many, particularly those aged over 70.

Online shopping is a major focus for silver surfers with almost two thirds (65%) of respondents using the internet regularly for this purpose. Email usage is also significant amongst all respondents with 90% using it regularly as a means of communication - one in five of which is aged over 70.

One area where the savvy surfers do remain cautious is when it comes to dealing with their finances online. Although 85% use it specifically for research, less than half (49%) would like to see their pension payments online and only a third would like to change any details of their pension arrangements via the internet.

Nigel Barlow, Head of Research at Just Retirement commented: "It's inevitable that the older generation will catch up with younger age groups on online activity. However what is interesting is the extent to which they are prepared to research online. The survey also reveals a reticence to manage personal affairs such as payment details and personal details online.

"More than half of people surveyed don't want to view their pension payments online - highlighting the need to build confidence in this area. Checking personal information such as pension details online is a convenient and flexible way for an investor to monitor their portfolio on a regular basis. Although no system is 100% safe online security is constantly improving we are confident that the third generation will eventually endorse the internet as a means to manage their personal finances moving forward."