There are no norms or rules regarding social media usage, but there are trends.
Spectrem’s newest study, “Using Social Media and Mobile Technology in Financial Decisions,” finds that the wealthiest investors tend to stick with the Big Three sites of Facebook, LinkedIn and YouTube for their social media fix.
Among Ultra High Net Worth investors (with a net worth of $5 million to $25 million not including primary residence), 50 percent use Facebook and 42 percent frequent LinkedIn. The only other sites to see at least 10 percent usage by UHNW investors are YouTube, with 27 percent, and Twitter, with 11 percent.
As many as 21 percent of UHNW investors visit Facebook between two and five times a day. As many as 15 percent of UHNW investors go to Twitter with the same frequency. LinkedIn is much more a one-time-a-day thing, with 30 percent saying they visit less than once a day and 58 percent going there less than once a week.
(To access the entire report, click here).
The highest usage from an age segment standpoint for Facebook are those under ages 49-54. Managers are more frequent social media users than other occupations, although Senior Executives are most frequently on LinkedIn.
The age frequency for Facebook starts at 50 percent for those 48 and younger, grows to 64 percent for those between the ages of 49 and 54, drops to 56 percent for those ages 55-64 and drops again to 45 percent for those over the age of 65.
The age frequency for LinkedIn tops out at 66 percent for those ages 49-54. Among those 48 years of age and younger, the participation is at 62 percent.
Usage in Facebook climbed over the last year from 46 percent to 50 percent among UHNW investors, but usage of LinkedIn dropped from 45 percent to 42 percent, and usage of Twitter dropped from 13 percent to 11 percent.
Of the Facebook users among UHNW investors, only 16 percent consider themselves active. Almost half say they “occasionally’’ share information with others, while 35 percent claim to only observe posts from others.
Twitter, another extremely participative site, is mostly used for observation by UHNW investors. Forty-eight percent only look at others’ tweets, while 42 percent occasionally share information, and only 10 percent consider themselves active users of Twitter.