Millionaire users of social media do not seem ready to embrace it as a resource for financial purposes, but wealthy Baby Boomers are most likely to see the possibilities.
Millionaire users of social media do not seem ready to embrace it as a resource for financial purposes, but wealthy Baby Boomers are most likely to see the possibilities, according to a new Spectrem’s Millionaire Corner wealth level study of social media usage.
Overall, a mere two percent of Millionaire investors with a net worth up to $4.9 million (Not Including Primary Residence) said they would use Fadcebook for researching investment information. But among these, nearly one-fourth of respondents who are ages 55-64 (24 percent) said they would use Facebook for such a purpose. Similarly, 3 percent of Millionaires surveyed said they would use LinkedIn to research investment information and among these, the highest percentage of those who said they would (7 percent) were Baby Boomers.
Seven times as many Millionaire Baby Boomers (7 percent) also said they would use YouTube for this purpose.
Millionaire Baby Boomers are most likely, too, to use Facebook or Linked In (10 percent each vs. 1 percent and 5 percent overall, respectively) to find a financial or investment advisor. Seven percent would also use Google Plus for this purpose compared with a mere 1 percent of Millionaires surveyed.
The immediacy of Facebook and Twitter also lend themselves as platforms for obtaining market updates, said 14 percent of Millionaire Baby Boomers, compared with up to just 2 percent of Millionaires overall.
It is entirely in character for Baby Boomers especially to come around to using social media for more than social purposes. They consider it another potentially valuable resource for research. Millionaires pride themselves on their financial knowledge and consider it important to them. Nearly one-fourth of Millionaire households consider themselves very knowledgeable about financial products and investments (compared with 8 percent of Mass Affluent households with a net worth between $100,000 and $1 million), while 62 percent consider themselves at least fairy knowledgeable, according to Millionaire Corner research.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.