Usage of Twitter, while not as prevalent as Facebook or LinkedIn, has doubled in the past year, according to a second quarter wealth level study of social media conducted by Millionaire Corner.
Ten percent of households with a net worth between $100,000 and $1 million (not including primary residence) use Twitter, up from 5 percent last year. Not surprisingly, more than twice as many of those under 45 (22 percent) use it than overall respondents. Among this age group presently not active on social media, more are most likely (17 percent) to star using Twitter than the professional networking site LinkedIn (13 percent) and Facebook (2 percent)
Sixteen percent of these Twitter users check their account once daily, compared to 20 percent of those who log on to Facebook at least once everyday. Fifteen percent of Twitter users check their accounts two to five times a day compared to 27 percent of Facebook users.
Overall, 45 percent of these Twitter users occasionally share information with others through Twitter, while 42 percent use Twitter for observation only. Only 13 percent are active Twitter users.
While young people are traditionally the most active social media users, Twitter is an exception. Those ages 45-54 are more likely to be active Twitter participants than those under 45 (26 percent vs. 20 percent).
As they vie for hearts, minds and eyes, traditional media organizations representing newspaper and television are increasingly using Twitter as a way to engage audiences. But a new report published in Communication Quarterly cautions that Twitter may have a credibility problem.
For example, participants in a study by Penn State communications professor Mike Schmierbach and marketing strategist Anne Oeldorf-Hirsch reported finding tweets from the New York Times to be less credible than shorter or longer stories on the newspaper’s website. In each case, the content was the same.
“The research suggests that people’s feelings about a news outlet may become intertwined with opinions about blogs and Twitter, as well as individuals making the recommendation to a particular story,” Dave Copeland writes online. “All of this comes at a time when Twitter is increasingly being seen as an emerging news source, with about 85% of its trending topics, on average, being headline news topics or persistent news topics.”
And when it comes to financial advice and information, Twitter is not the platform to which households we surveyed would most likely turn. Nearly half (46 percent) said they were not interested in accessing this type of information
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.