Wealthy Individuals Use Social Media More Than Most Americans

Wealthy Individuals Use Social Media More Than Most Americans

There is no denying the popularity of social media.  There are so many sites, it can be difficult to keep track them all. It is interesting to see who is actually using social media.  When sites like Twitter came out, many were using it more as a means of chatting about their day.  Times have changed and social media is now a very useful tool for businesses.  Sites like Twitter and Facebook now have a strong business presence. 

Wealthy individuals are recognizing the importance of using social media.  Recent polls have shown the wealthy to use social media more than the average Americans. See the results of a recent poll by SEIC.com listed below.  To read the full article, click here.

OAKS, PA., Oct. 19, 2010 – A new Quick Poll from SEI (NASDAQ: SEIC) today showed that 70 percent of high-net-worth individuals surveyed are users of Facebook and other social media sites. That’s considerably more than the number of daily social media users among the general populace. According to an August, 2010 report from the Pew Research Center, titled Older Adults and Social Media, 61 percent of Americans ages 18 and over have used a social networking site.

However, the Quick Poll results make it clear that wealthy individuals have a hard time squeezing in their social media time – just 17.4 percent of respondents said they use social media on a daily basis. While 38 percent of those surveyed by Pew had used a social networking site in the previous 24 hours.

SEI surveyed 46 wealthy individuals with more than $5 million in investible assets. Of those surveyed that use social media, 50 percent said they use Facebook. Thirty-seven percent of respondents said they visit YouTube, while just under 35 percent use LinkedIn.

One in ten (11%) online adults ages 50-64 and one in twenty (5%) online adults ages 65 and older now say they use Twitter or another service to share updates about themselves or see updates about others.

The use of Twitter and other services to share status updates has also grown among older users—most notably among those ages 50-64. While just 5% of users ages 50-64 had used Twitter or another status update service in 2009, 11% now say they use these tools. On a typical day, 6% of online adults ages 50-64 make Twitter a part of their routine, up from the 1% who did so in 2009.

By comparison, social networking sites have gained a much larger foothold in the lives of older Americans over time. One in five (20%) adults ages 50-64 say they use social networking sites on a typical day, up from 10% one year ago. Likewise, 13% of online adults ages 65 and older log on to social networking sites, compared with just 4% who did so in 2009.

Email and online news are still more appealing to older users, but social media sites attract many repeat visitors.

While email may be falling out of favor with today’s teenagers, older adults still rely on it heavily as an essential tool for their daily communications. Overall, 92% of those ages 50-64 and 89% of those ages 65 and older send or read email and more than half of each group exchanges email messages on a typical day. Online news gathering also ranks highly in the daily media habits of older adults; 76% of internet users ages 50-64 get news online, and 42% do so on a typical day.¹ Among internet users ages 65 and older, 62% look for news online and 34% do so on a typical day.

Social media properties—including networking and status update sites—are newer additions to the daily digital diet of older adults. Yet, the “stickiness” of the sites is notable. To look at the data another way, among the pool of adults ages 50 and older who use social networking sites, 44% used them on the day prior to their being contacted for our survey.

The pool of Twitter and status update users ages 50 and older is too small to segment, but the behavior of this limited early adopter group does suggest a similar tendency towards regular use of the sites.

By comparison, less than half of online banking users ages 50 and older visited the sites on a typical day and less than one in five older users of online classified sites reported use of the sites “yesterday.”