Anyone who peruses social media at least once a day knows that the tool most often used to get any point across is video content.
Whether it is a video clip from a favored TV program, a movie trailer for that upcoming blockbuster, or a gif of someone’s cat doing something cute, videos are the mechanism by which millions of Americans entertain themselves at home or (don’t let anyone know) at work.
But there are people who use videos for more than entertainment purposes. Some view them to gain valuable information to improve their business or investment fortunes.
Spectrem’s study Wealthy Investors and Their Use of Digital Tools asked investors to consider their habit of viewing videos on financial topics. It found that the use of financial videos has not increased over the past couple of years, even as the nation’s economy and financial fortunes have seemingly become more complicated.
There are other ways for investors to acquire financial information, and watching a video is not the primary source for such information. According to the study, 36 percent of investors prefer to read articles, whether they do so in print form or online. The most interesting aspect of that information is that the percentage is the same no matter how old the investor is: more than one-third of all investors across all generations prefer to read rather than watch.
Only 4 percent of investors claim that watching a video is their preferred vehicle for being educated or informed on financial topics. But that percentage rises to 12 percent among Millennials, who are less likely than others to gain information in a conversation with their financial advisor.
While those who prefer videos is a low percentage of investors, those who use videos at all in the search for financial information is almost 30 percent. That is exactly the same percentage who said they watched videos on financial websites back in 2017.
For advisors who provide financial information videos on their website as part of their regular informational service to clients, the good news is that when investors search for financial videos, they are most likely to go to their advisor’s website. Fifty-three percent of investors watch videos on their advisor or provider’s website.
The only other source which at least half of investors use for finding financial videos is the websites of major financial media such as CNBC or Fox Business, where 51 percent of investors go.
And what are they looking for, specifically? Almost 60 percent of financial video viewers watch educational videos on financial topics or videos that cover current financial or economic events. More than half watch videos by financial commentators.
©2019 Spectrem Group
Keywords: social media, digital, technology, videos, financial education, investors, advisors, Spectrem