Gen X investors are looking for on-line information about investment opportunities and financial products.
Generation X investors are more interested than Baby Boomers are in using social media for financial purposes.
In Spectrem’s Millionaire Corner Ezine Baby Boomer vs. Gen X, the younger investors express far more interest than most investors in using social media for a variety of financial purposes, including choosing a financial advisor and gathering financial information. They also report far greater intentions to increase their social media usage for financial purposes.
In the report, Baby Boomers are investors between the ages of 48 to 66, and Generation X investors were aged 33 to 47. The statistical information gathered on those two age segments were compared to data gathered on investors of all ages.
Eighteen percent of Gen X female investors with a net worth under $1 million would be interested in seeing their financial firm provide information via social media or through apps that can be accessed using a tablet. Twenty-four percent of male Gen X investors with a net worth over $1 million requested the same thing from their financial firm, while only 8 percent of all investors wanted their financial firm to provide information via social media. Only 7 percent of Baby Boomers requested that service.
Twenty-three percent of Gen X males and 21 percent of Gen X females with a net worth over $1 million anticipate using social media to a greater degree to gather financial information. Only 5 percent of Baby Boomers have that in their plans.
Gen X investors also want to be able to follow their advisor on Twitter. Twenty-one percent of Gen X males with a net worth over $1 million and 18 percent of Gen X females want to follow their advisor on Twitter, while only 6 percent of Baby Boomers feel that way.
Twenty percent of Gen X males with a net worth over $1 million are more inclined to use a financial product or service they had seen advertised or discussed on social media. Fourteen percent of Gen X females with a net worth over $1 million feel that way, while only 3 percent of Baby Boomers with a net worth over $1 million consider social media as a place to find financial products or services.
Among Baby Boomers, the highest interest in social media usage for financial purposes came from women with a net worth over $1 million who wanted a website that provides information on social media outlets, apps or blogs for investment and economic information (12 percent). For comparison, 28 percent of Gen X males and 26 percent of Gen X females were interested in such a website.
Nineteen percent of Gen X male investors with a net worth over $1 million plan to use social media more often in the next 6-12 months in the financial decisions they make. Fifteen percent of Gen X female investors with a net worth over $1 million report the same plans, while only 6 percent of Baby Boomers male and female feel that way.
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.