They say good things come in small packages.
But these days, it’s more like a small device.
Half of mobile Internet users have used a cellphone or tablet to make a major financial commitment, such as getting a mortgage or buying a car, insurance or stocks, according to a Bankrate.com survey released Wednesday.
Data security was named as the biggest concern among those who don’t regularly use mobile devices for financial transactions, and there’s a generation gap over such worries. More than half, or 53 percent, of respondents 65 and older fretted over the safety of their information, while 34 percent of millennials cited potential misuse of personal data as the main reason to avoid big mobile transactions.
Seniors are the most reluctant to make pricey purchases on mobile devices, Bankrate.com found.
The most likely: 58 percent of people ages 30 to 49 said they had made a large purchase over their mobile device at least once.
“There’s evidence that Americans are growing more comfortable with using mobile devices to make purchases either online or at the checkout,” Mike Cetera, Bankrate.com mobile finance analyst, said in the report.
Moreover, they’re willing to buy more than just a cup of coffee.
“This survey shows that there are people willing to make major financial commitments over their phone or tablet,” he said.
Still, only 12 percent said they “always” or “often” use a phone or tablet for large purchases, Bankrate.com said.
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The survey was conducted on Bankrate.com’s behalf by Princeton Survey Research Associates. It did landline and cellphone interviews with 1,001 adults living in the continental United States in English and Spanish Dec. 18-21, 2014. Of those interviewed, 657 said they were mobile Internet users. The margin of error is plus or minus 4.3 percentage points.
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