Investors who do not use social media say privacy issues prevent them from getting involved.
There are statistics that tell a story right out front, and then there are statistics that make you go “Hmm.”
This statistic is one of the latter ones: Almost one-third of the wealthiest Americans do not use social media of any kind.
Spectrem’s study of the wealthiest segment of investors – 2014 $25 Million Plus Investor – shows that 31 percent of investors do not use social media of any kind. Of that group, 57 percent say they worry about the privacy of their information getting into the wrong hands.
As might be expected, age plays a role in those numbers. Among the $25 Million Plus investors aged 65 or older, 59 percent do not use social media of any kind. Among those investors under the age of 56, only 23 percent say they do not use social media, and only 16 percent of investors between the ages of 55-65 live a social-media-free life.
The percentages of social media usage among the wealthiest investors might be a good argument against social media. Only 52 percent of the $25 Million Plus investors use Facebook, and that is the most popular site. Only 40 percent are on LinkedIn (which is considered the most professional site around), and 24 percent use YouTube. Twitter, an ever-growing communication site for both personal and professional use, is employed by only 17 percent of the wealthiest investors overall.
Age, again, is a consideration in the numbers, but not as demonstrable as one might guess. Less than two-thirds of investors under the age of 56 (63 percent) are on Facebook and only 27 percent of that age group are on Twitter. Approximately 50 percent of investors under the age of 66 are on LinkedIn.
While 57 percent say privacy issues prevent them from getting involved in social media, 48 percent say “I see no value in the purposes of these programs.” Similarly, 38 percent say social media is a waste of time. Twenty percent say they have never been taught how to use the features on social media and so have not joined.
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.