Millionaires overall are not looking to social media as a financial information resource
Significantly more than their older counterparts, Millionaire Millennials are looking to social media for financial purposes, according to a second quarter study of mobile technology and online usage conducted by Millionaire Corner.
Millennials’ facility with new technology is affording them opportunities to better manage their money, whether it’s saving money on daily deal sites such as Groupon, or tracking their spending and personal accounts on Mint.com. So it is not surprising that they would express the most interest in leveraging social media sites for financial purposes.
Overall Millionaire interest in using social media for this purpose is low. Currently, according to the Millionaire Corner study, a mere 4 percent seek financial information through social media sites such as Facebook and LinkedIn, while 6 percent expressed interest in their financial service firm providing information through these platforms through apps they could use on a tablet. An equal percentage anticipate using social media to a greater degree for financial information.
In comparison, four-times (16 percent) as many Millionaire Millennials under the age of 35 are seeking financial information through the most popular social media sites, while more than three-times as many (22 percent) would want to see apps created for tablet use by their financial service firm. Seventeen percent anticipate increased usage of social media sites for their financial information.
Among the most-used social media sites, usage of Facebook by Millioniare Millennials is mostly for social purposes. Not surprisingly, all of those in this age group surveyed said they use the networking website LinkedIn for professional purposes and would be most likely to use it for getting financial and investment information, as a resource for finding a financial advisor, or for communicating with that advisor.
Twitter is the site most often referenced as a social media site Millionaire Millennials would use to get market updates.
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.