Mobile technology usage is up, but not when it comes to making a transaction, study indicates
For investors, talking about financial investments and planning financial moves on mobile technology is one thing. Pulling the trigger on investments is another.
A Spectrem Group Millionaire Corner study indicates that investors are becoming more willing to discuss their financial situations with advisors over smartphones and tablets, but when it comes time to actually buy or sell investments, they prefer to do it via a PC or Mac, or in some non-electronic means.
Tablet usage among Millionaires (with net worth between $1 million and $5 million, not including primary residence) was up to 61 percent in the study, conducted in the second quarter of 2013. In 2012, there were only 43 percent of Millionaires using tablets, so there was a jump of 18 percent,
Smartphone usage jumped just seven percent but rose above 50 percent, from 47 percent to 54 percent among Millionaires. For obtaining financial information, receiving market updates and community with advisors, the numbers are all in double digits.
But when it comes to actually making the move on a buy or sale, investors are not using their mobile technology devices, the study indicates. Only 5 percent of millionaires buy or sell investments on their tablets, and only 4 percent do so by smartphone.
On the other hand, PCs or Macs are used by 53 percent of millionaires to buy or sell investments. Trust, familiarity with usage and ease of usage are likely considerations in the preference for personal computers over mobile technology.
Thirty-eight percent reports using none of the three options for conducting financial transactions.
Age is a significant barometer for mobile technology usage and financial transactions. Twenty-five percent of Millionaires 35 years old and younger use tablets (still, 54 percent of those use PC/Mac). For smartphones, 8 percent of those 35 and under, and 9 percent of those 36-44 use them for financial transactions.
Only 13 percent of investors 35 years of age or younger do NOT use some electronic means to conduct financial business, well below the 38 percent average.
The study numbers indicate there is obviously a step-by-step process in getting acquainted and familiar with mobile technology. For instance, 19 percent of Millionaires use their smartphones to check market updates, which obviously go into the decision to buy or sell investments. Thirteen percent of Millionaires use tablets for market updates.
Thirty-nine percent of Millionaires 44 years of age or under use their smartphones for market updates, a clear indication that the younger Investor is becoming comfortable with their smartphones for information gathering.
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.