Only 21 percent of defined contribution plan participants are currently Twitter users, but more are on the way.
A Spectrem study of 401(K) plan participants – Plan Participant Social Media and Mobile Technology Usage - shows that Twitter ranks fourth behind Facebook, LinkedIn, and YouTube in terms of popularity among social media websites.
But the perception of Twitter is different than the perceptions of the others. Where Facebook and YouTube are almost exclusively seen as social platforms, 15 percent of plan participants see Twitter as professional and 85 percent see it as social.
The other unique aspect of Twitter among plan participants is that among those not currently on Twitter, 11 percent say they plan to start using Twitter in the near future. That’s far above the 6 percent who plan to start on LinkedIn or the 3 percent that plan to get a Facebook page.
Among plan participants aged between 35 and 49, 15 percent said they plan to start using Twitter.
Nine percent of current Twitter users said they plan to increase their usage of the conversational site.
As with almost all social media, younger people are more likely to be participating. Thirty-three percent of plan participants under the age of 35 are on Twitter, compared to just 15 percent of those 50 years of age and older.
People that use Twitter seem to love tweeting, and that is true of plan participants. Fifty-six percent of plan participants check their Twitter account at least daily, and 39 percent do so multiple times in a day. Fifteen percent say they go to Twitter at least five times daily.
There is a 2-to-1 ratio between plan participants who actually “tweet’’ to those that just follow others and observe.
Twelve percent of plan participants say they would follow a trusted advisor through Twitter if it was available.
For more information on Plan Participant Social Media and Mobile Technology Usage, click here.