Almost one-third of the wealthiest Americans do not use social media of any kind.
Spectrem’s study of the wealthiest segment of investors – 2014 $25 Million Plus Investor – shows that 31 percent of investors do not use social media of any kind. Of that group, 57 percent say they worry about the privacy of their information getting into the wrong hands.
As might be expected, age plays a role in those numbers. Among the $25 Million Plus investors aged 65 or older, 59 percent do not use social media of any kind. Among those investors under the age of 56, only 23 percent say they do not use social media, and only 16 percent of investors between the ages of 55-65 live a social-media-free life.
The percentages of social media usage among the wealthiest investors might be a good argument against social media. Only 52 percent of the $25 Million Plus investors use Facebook, and that is the most popular site. Only 40 percent are on LinkedIn (which is considered the most professional site around), and 24 percent use YouTube. Twitter, an ever-growing communication site for both personal and professional use, is employed by only 17 percent of the wealthiest investors overall.
Age, again, is a consideration in the numbers, but not as demonstrable as one might guess. Less than two-thirds of investors under the age of 56 (63 percent) are on Facebook and only 27 percent of that age group are on Twitter. Approximately 50 percent of investors under the age of 66 are on LinkedIn.
While 57 percent say privacy issues prevent them from getting involved in social media, 48 percent say “I see no value in the purposes of these programs.” Similarly, 38 percent say social media is a waste of time. Twenty percent say they have never been taught how to use the features on social media and so have not joined.
For more information on the $25 Million Plus Investor, click here