Young investors are more likely to use their smartphone for extended purposes including information retrieval, Internet searches and entertainment.
It seems like a smartphone can do almost anything we want it to. Problem is, we don’t really ask it to do much more than a regular phone does.
Spectrem’s Millionaire Corner study Using Social Media and Mobile Technology in Financial Decisions shows that most investors do not spend much time asking their smartphone to do anything other than make calls, text or accept and send emails. Internet searching and information retrieval are functions a smartphone can do but we don’t spend much time doing it that way, apparently.
The Spectrem study looked at investors from three different wealth segments, and then segmented those groups by age, wealth, advisor dependency and occupation.
Among Mass Affluent investors (with a net worth between $100,000 and $1 million Not Including Primary Residence), 60 percent said they spent less than five hours a week using their smartphone for extended purposes. Twenty-six percent said they used their smartphone for more than calls and texting between six to 15 hours. Only 14 percent said they used their smartphone like the very portable computer it is, employing it for more than 15 hours a week.
As wealth increased, use of a smartphone for really smart functions decreased. Among Millionaire investors (with a net worth between $1 million and $5 million NIPR), 63 percent use their smartphone less than five hours a week for extended purposes, and only 10 percent say they used it for more than 15 hours a week for Internet accessing and information retrieval.
Among Ultra High Net Worth investors (with a net worth between $5 million and $25 million NIPR), 64 percent are using their smartphones less than five hours a week beyond calling, texting and email. That segment reported 14 percent with more than 15 hours of usage a week.
Now let’s talk about the youngsters, relatively speaking. Among Mass Affluent investors 35 years of age and younger, 30 percent do use their smartphone for really smart functions more than 15 hours a week, and only 36 percent limit themselves to less than five hours a week. Similarly, 33 percent of UHNW investors under the age of 45 use their smartphone 15 hours a week or more for Internet searches, information retrieval or entertainment.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.