Spectrem’s DC Participant Insight Series report Using Social Media and Mobile Technology in Financial Decisions shows that there are varied ways plan participants interface with social media sites in order to investigate financial information.
One of the first “new’’ words that came out of the social media craze was the word “blog’’, in which people of varying levels of knowledge provide information on a variety of topics. There are many financial blogs on the Internet, and a bit more than half of all plan participants would read a blog on the website of their own financial provider.
Blogs provided on the websites of financial media outlets such as CNBC are read by 53 percent of plan participants.
But they are not as likely to seek out blogs provided on Facebook (23 percent), LinkedIn (38 percent) or Twitter (29 percent). Video blogs offered on YouTube are only likely to be accessed by 21 percent of plan participants.
Video presentations are very popular in many businesses today, but videos on financial websites are not that popular among plan participants. Only 26 percent of participants say they would watch videos on financial websites, although 38 percent of participants under the age of 35 said they would do so.
Males (31 percent) are more likely than females (20 percent) to watch financial website videos.
Previously, federal regulations prevented financial advisors from accessing much of what social media can provide, but those regulations have eased. Sixteen percent of plan participants said they would be interested in having their financial services firm provide information via social media.
For more information on DC participants, click here