Youngest Millionaires looking for financial information through social media.
Newspapers and television are so 20th century, according to young Millionaires, who are increasingly relying on social media instead of traditional channels to get their financial information.
Twenty-one percent of Millionaires under the age of 44 said that they are opting to get their information from social media platforms, according to a second quarter Millionaire Corner study of social media use in Millionaire households. This is an increase of eight percentage points over last year.
Nearly one-third (30 percent) of the youngest Millionaires also reported using social media to communicate than they do the telephone.
Overall, Millionaire households express little use for social media in regards to financial matters, but young people, traditionally the first adopters of new technology, are the exception. In this latest study, more than three-quarters (78 percent) of Millionaires under 45 said they use Facebook compared with 56 percent of Millionaire households overall). They are significantly more likely than their older counterparts to use Facebook to financial information and advice (26 percent vs. 11 percent of Millionaire households overall)
Across other platforms, the youngest Millionaires are also most likely to use Twitter, Google Plus, Pinterest and YouTube. The one exception is LinkedIn, the business networking site, which is used more by Millionaires ages 45-54.
Thirty-nine percent Millionaires under 45 regularly read financial blogs compared to 16 percent of respondents overall. Likewise, nearly one-quarter (22 percent) said that a social media presence is a factor in choosing a financial services provider or advisor.
Nineteen percent (vs. just 3 percent overall) seek financial information on Facebook and Twitter, while one-quarter—up from 13 percent last year—anticipate using Facebook, LinkedIn and Twitter more in the next year in making financial decisions.
Seventeen percent—up from 10 percent last year—said they would be more inclined to use a financial product or service they have seen advertised or discussed on social media outlets such as Facebook or LinkedIn.
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.