Millionaire investors with a net worth up to $5 million (not including primary residence) are embracing mobile technology and social media usage for financial activities more than their Mass Affluent counterparts.
Using Social Media and Mobile Technology in Financial Decisions, the latest report in Spectrem Group’s “Wealth Segmentation Series,” finds that Millionaire investors are following financial and economic news via technology more than non-Millionaire investors with a net worth of at least $100,000 (74 percent vs. 61 percent).
They are also more likely to use their technology to research information on financial products and services than Mass Affluent investors (45 percent vs.34 percent) as well as:
· Check account information (88 percent vs. 84 percent)
· Obtain market updates (63 percent vs. 47 percent)
· Correspond with a financial professional (33 percent vs. 22 percent)
· Conduct financial business such as buying and selling investments (35 percent vs. 23 percent)
Among Millionaire and Mass Affluent households, the oldest investors, ages 65 and up, defy stereotype by being more likely than Millennial technology users ages 35 and under to use their devices for various financial activities, including checking account information (85 percent vs. 80 percent), following financial and economic news (71 percent vs. 52 percent), corresponding with a financial professional ( 27 percent vs. 12 percent), and obtaining market updates (51 percent vs. 35 percent).
In one area, though, Millennials seem to be playing catch-up. Nearly half (48 percent) report using their devices to research information on financial products and services compared with 34 percent of seniors.
Mass Affluent investors tend to be younger than their Millionaire counterparts and may be more social media savvy. For example, they report a greater likelihood than wealthier investors that they will read a financial blog posted by financial or investment firms on Facebook (22 on a scale of 0 to 100 vs. 18 for Millionaires). They also indicate a greater likelihood of checking out financial blogs on Twitter (27 vs. 23) and YouTube (26 vs. 23).
Not surprisingly, they are also more likely to check out a financial blog on the career networking site LinkedIn (30 vs. 25).
Millionaires and Mass Affluent investors, respectively, indicate a near equal likelihood of reading financial blogs posted on the website of their financial advisor/provider (53 vs. 51) as well as other financial websites (50 vs. 49), and the websites of the major financial media outlets (52 vs. 51).
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