CHICAGO, IL--(Marketwire - May 4, 2010) - Social media networks have become an important stop for investment information for all age groups.
Indeed, 77% of investors who read blogs are likely to consult them for information on new financial products and services, according to "Social Media and the Investor," a new report released today by Spectrem Group (www.spectrem.com).
Similarly, 69% of LinkedIn users are likely to consult their LinkedIn networks on investment issues and 63% of Twitter users would pay attention to investment tweets. Nearly half (46%) of YouTube users and 41% of Facebook users would seek investment information from these forums. Social media networks are also popular sources for developing new investment strategies and seeking buy/sell advice.
"Investors familiar with social media are tapping into blogs, LinkedIn, Twitter, YouTube and Facebook to inform their financial decisions. While this is especially true for younger investors, older individuals are becoming increasingly comfortable with social media as well. For advisors and financial services providers, this means a social media presence and the use of social media tools for communications have become a virtual necessity," said George H. Walper, Jr., President of Spectrem Group.
More than one-third (36%) of investors say they are interested in receiving information from their advisors or corresponding with them through social media. Among investors under age 35, this rises to 53%.
The Spectrem report, "Social Media and the Investor" is based on a survey of 500 financial decision-makers in households with $50,000 or more in annual income who spend at least two hours per week on the internet. At least one hour of respondents' online time per week is devoted to financial pursuits. The data have a margin of error of plus or minus 4.3 percentage points.
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