Young high net worth investors are managing their finances on the go – via laptops, according to the latest Millionaire Corner study. Learn more about the trend.
High net worth investors have doubled their use of tablets in the past year, but those ages 44 and younger have become the most avid tablet users– even adopting the mobile devices as a tool to manage their finances, according to a new Millionaire Corner study on social media use among affluent Americans.
More than 60 percent of high net worth investors ages 44 and younger – members of generations X and Y – own a tablet or e-reader, compared to 47 percent of high net worth investors as a whole. (Millionaire Corner defines high net worth investors as individuals from households with a net worth of $5 million to $25 million, not including primary residence.)
Younger high net worth investors primarily use their tablets to send and receive email (25 percent of usage), read books (22 percent of usage) or take in the news (17 percent of usage), but 3 percent of their tablet time is used for financial purposes, according to our research.
More than three-fourths of younger high net worth investors use their tablets as a bill paying device. (In contrast, 43 percent of high net worth investors, overall, pay bills via their laptops.) Nearly 70 percent of younger high net worth investors use their tablets to access personal account information, and more than 60 percent of younger high net worth investors use tablets to research investments, conduct trades and create financial plans. (Roughly one-third of high net worth investors as a whole report using tablets for these financial activities.)
It follows that younger high net worth investors are most interested in apps for researching investments and managing their accounts. More than 60 percent are interested in apps providing access to personal account information or allowing investors to look at balances in one place from multiple providers.
They would also use apps to research financial products and topics (54 percent), access advice from financial experts (54 percent), follow the stock market (54 percent), obtain information on specialized alternative products and participate in webinars and podcasts on financial topics (46 percent).With the exception of accessing account information, fewer than half of high net worth investors as a whole express interest in apps for financial purposes.