Across the board, respondents with the most confidence in their financial knowledge were more likely than their less knowledgeable counterparts to be engaged with most every media platform.
Affluent investors pride themselves on their financial knowledge and put a premium on financial literacy. Spectrem Group research finds Millionaires rank “smart investing” just below hard work and education as the wealth creation factor most responsible for their financial success.
What are their go-to media sources for the information they deem most important to their personal or professional investments?
Roughly half (49 percent) cite television and such networks as CNBC, Bloomberg and Fox Business as their primary media outlet to help them build their investment acumen. The next highest percentage of Affluent respondents (37 percent) responded that newspapers are their primary information outlet. Financial magazines (19 percent) and radio (17 percent) followed.
Across wealth levels, investors with a net level of at least $5 million are more old school than their less wealthy counterparts. They are the most likely to cite newspapers (56 percent) and financial magazines as the media outlets that provide them with the most important information regarding their personal or professional investments.
Those with a net worth of less than $100,000, who tend to be younger, were most likely to site online brokerage research and tools (26 percent vs. 18 percent of Affluent investors overall.
Across the board, respondents with the most confidence in their financial knowledge were more likely than their less knowledgeable counterparts to be engaged with most every media platform from television (53 percent) to financial newsletters (12 percent vs. 8 percent of those who claim to have “some” financial knowledge and 3 percent of those who say they have little to none). Tellingly, they were the least likely to respond “none of the above” in considering their primary media outlets.
Older investors ages 61 and up were more likely than their younger counterparts to credit television (54 percent) and newspapers (42 percent) with providing them with the most important information for their personal or professional investments.
While the percentages aren’t high, investors under 40 were more likely to credit financial magazines (29 percent), blogs (13 percent), online magazines (17 percent), financial newsletters (15 percent) and investment platforms (10 percent).
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.