Three-quarters of Main Street investors (non-Millionaires with a net worth of at least $100,000) are using a smartphone, while just over six-in-ten are using a tablet.
Three-quarters of Main Street investors (non-Millionaires with a net worth of at least $100,000) are using a smartphone, while just over six-in-ten are using a tablet, according to a new Spectrem Group study, Using Social Media and Mobile Technology in Financial Decisions. As their comfort level increases with mobile technology, so does their usage of devices for activities other than communication or browsing the Internet.
Currently, Main Street investors are more likely to use their smartphone as an airplane boarding pass (41 percent) than they are to pay for daily incidentals such as coffee (14 percent) or to pay at restaurants or grocery stores (5 percent), the general consensus being that credits cards are safer to use.
When it comes to financial-related activities, the top five activities Main Street investors conduct via technology are:
Checking account information (84 percent)
Follow financial and economic news (61 percent)
Obtain market updates (47 percent)
Research information on financial products and services (34 percent)
Conduct financial business such as buying or selling investments (23 percent)
The activities conducted via technology most frequently on a weekly basis are bill payment (43 percent), accessing personal account information (41 percent) and conducting investment research (18 percent).
While conventional wisdom posits that it is younger people who are more tech-savvy and proficient, Spectrem research finds that older investors are more likely to use technology to conduct financial business and research. For example, 71 percent of seniors over the age of 65 follow the news via technology, compared with 52 percent of Main Street Millennials ages 35 and under.
Likewise, Baby Boomers (83 percent) and seniors (85 percent) are slightly more likely than Millennials (80 percent) to use technology to check account information.
Millennials, though, are more likely than their older counterparts to use technology to research information on financial products and services (48 percent compared with one-third of Baby Boomers and seniors).
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.