Wealthiest households are least likely to describe themselves as "active" Facebook users
Despite Facebook’s stock market woes (shared have dropped for three straight days and on Tuesday dropped to another record low), it is still by far the most popular social network with the highest name recognition and greatest usage.
Sixty percent of Non-Millionaire households use Facebook, according to second quarter wealth level studies conducted by Millionaire Corner about mobile technology and social media usage. Usage decreases in wealthier households, according to our research, which found 56 percent of Millionaires and 47 percent of High Net Worth households use it. (These latter two wealth groups are more likely to use LinkedIn, the professional networking site).
Across the wealth levels though, there is one constant: It is used primarily by more than seven-in-10 of those under the age of 45.
Of the Non-Millionaires we surveyed, 27 percent use Facebook two-to-five times per day, with just under one-quarter (23 percent) who use it multiple times during the week, but not daily. High Net Worth individuals are the most likely to use Facebook multiple times during the week rather than daily (38 percent), followed by Millionaires (29 percent).
At least 60 percent of households across all wealth levels said they occasionally share information with others through Facebook, but it is Non-Millionaires, typically a younger demographic, who are most likely to describe themselves as “active” Facebook users who observe, share, comment and communicate with others (19 percent compared with 13 percent of Millionaires and 8 percent of High Net Worth).
For now, though a majority (60 percent) express little interest in using Facebook to receive advice and information through links posted on the site. Only 14 percent said they regularly use Facebook for this purpose.
Facebook has a long way to go as a go-to site for financial information and needs. More than seven-in-10 across all wealth levels said they are not at all active in using Facebook for communicating with a professional, researching financial products or further educating themselves about investments.
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.