Financial Fitness

Actions

Financial Fitness: Boomers vs. Millennials, cybersecurity awareness

How big is the generational gap when it comes to online safety?
Posted at 11:44 AM, Nov 08, 2023

IDAHO — A lot can be said about the differences between Boomers and Millennials, but for today's Financial Fitness segment, we look into which of those two groups takes cybersecurity more seriously.

Let's start with a reminder on which age groups fit into those classifications; Boomers are classified as those born between the mid-1940s and mid-1960s, while Millennials were created between the early 1980s and early 2000s.

And one more statistical preface...a study by internet authentication company Yubico shows that while 80% of Americans are concerned about the security of their online accounts, about 39% use the same password across all of those accounts.

Now with that all being said, let's get back to the generational comparisons which shows that about 20% of Boomers reuse their passwords on all their accounts, while a whopping 47% of millennials reuse theirs.

Also, 19% of Boomers keep their credit cards saved in various online accounts compared to 37% of Millennials.

Now on the other hand, 29% of Millennials feel like they are more likely to get scammed by a fake retailer, while 42% of Boomers feel they can't spot those fake ads.

It definitely appears any age group is vulnerable to internet security lapses, so how can we be safer?

"Don't be tempted to reuse passwords first and foremost, use a different password for each account. The second thing is don't just click on any link that you see that leads to a shopping site. Be really careful. We encourage people to research a company before you shop online. Use a credit card for these purchases, don't use your debit card, and then also, just be choosy about clicking links to ads. That's how the bad guys work to trick you. They'll buy ads, they'll send emails, they'll send text messages across the board trying to get you to click a link and then give up a credit card," said Better Business Bureau's Chief Innovations Officer Dale Dixon.

Lastly, if given the option, always take advantage of multi-factor authentication. That will make it much harder for thieves to steal anything from you, especially as we head into the holiday season when most of us will be doing some kind of online shopping.