When it comes to social media usage, seniors over the age of 65 pretty much fit the stereotype of being social media-averse, according to a new Spectrem Group wealth segmentation study, Using Social Media and Mobile Technology in Financial Decisions.
Millionaire seniors with a net worth up to $5 million (not including primary residence), are more likely than previous generations to indicate that they do not use Facebook, LinkedIn, Twitter or other social media platforms (35 percent vs 21 percent of Baby Boomers ages 55-63, 17 percent of respondents 45-54 years-old, 5 percent of Gen Xers 36-44 years-old and a scant 3 percent of Millennials under the age of 35).
Across age groups of Millionaires surveyed, the highest percentage (45 percent) of those who eschew social media because of privacy concerns were seniors. Nearly six-in-ten consider social media to be a waste of time.
But Millionaire seniors are down for use the Internet and social media to further their education about finances. Previous Spectrem Group research finds that with greater wealth comes greater confidence in one’s financial knowledge and that gaining that knowledge, either through working with a financial advisor or conducting independent research, is a greater priority than it is for less-wealthy households.
The Spectrem Group study of social media and mobile technology usage finds that one-third of Millionaire seniors watch videos on financial websites, which is on par with younger respondents. Three-fourths report that they watch financial information videos, while half view videos featuring financial commentators.
Reading an article, though, is still the method of choice for Millionaire seniors seeking to maintain or boost their financial knowledge (55 percent vs. just 3 percent for watching a video).
Six-in-ten surveyed Millionaire seniors use a smartphone while nearly seven-in-ten (67 percent) use a tablet or e-reader. Seventy-nine percent—the highest percentage of Millionaires surveyed—use their mobile technology to follow the news. Forty-four percent use it to research information on financial products and services, which is on par with Baby Boomers and Gen-Xers.
Nearly four-in-ten (39 percent), use their mobile technology to conduct financial business such as buying and selling investments. In comparison 30 percent of Baby Boomers use their devices for this purpose. Millionaire seniors are also the most likely to use their mobile technology to obtain market updates