Gen Y Millionaires see social media as a useful investment tool. Learn more.
Gen Y Millionaire investors are more apt than older Millionaires to adopt social media as an investment tool, according to a recently published report from Spectrem’s Millionaire Corner, HNW Millennials.
Here’s a closer look at ways Gen Y Millionaires would incorporate social media into their financial planning and investment management:
· Advisor Selection: One-in-five of the Gen Y Millionaires would “look closely” at how much an advisor uses social media to communicate with clients and market their products. They would apply the same criteria when selecting a financial services firm. The share drops to 16 percent for Gen X Millionaires.
· Financial information: More than one-third (36 percent) indicates an interest in using apps and social media such as Facebook to access information from their financial services firm. The share drops to 19 percent for Gen X Millionaires. Close to two-in-five Millennials indicate they would like a website providing information on apps, blogs and social media outlets for investment information. The share drops to 25 percent for Gen X Millionaires, and to 13 percent for Millionaires in the mid-50s to mid-60s surveyed by Spectrem’s Millionaire Corner last spring.
· Social Media Presence: One-in-five Gen Y Millionaires say they’re more inclined to use financial products or services that they’ve seen advertised or discussed on social media. The share drops to 13 percent for Gen X Millionaires.
· Future use: More than one-fourth (27 percent) of Gen Y Millionaires expect to use social media more in the next six-to-12 months to obtain their financial information and manage their finances. An equal share indicates an interest in following a trusted advisor on Twitter. The share drops to 15 percent for Gen X Millionaires, and to 5 percent for Millionaires in the mid-50s to mid-60s surveyed last spring.
Gen Y Millionaires also appear to be the heaviest users of social media in general. Close to half (46 percent) rely on social media more than traditional media to communicate with others,(compared to 26 percent of Gen X and 12 percent of older baby boomers) and more than one third (37 percent) relies more on social media than traditional channels for news and information (compared to 15 percent of Gen X and 4 percent of older baby boomers).