Social media and technology usage has increased among ultra-high-net-worth and millionaire investors, according to a new Spectrem Group report.

The study found that millionaires 55 years of agae and older and retired are spending more time on social media sites like Facebook and LinkedIn as well as YouTube, as well as using smart phones, tablets and e-readers more frequently. Forty-four percent of UHNW investors that are 65 and older own tablets or e-readers while 45% of UHNW investors aged 55-64 own smart phones. And they're not just using them for checking financial account information. According to the study, older millionaire investors are using their smart phones, tablets and e-readers to for a variety of things like talking, checking mail and paying bills.

UHNW investors as a group with an average age of 67, lead the pack of wealthy investors that use YouTube. Twenty-seven percent of UNHW investors use the video hub, in contrast to the 32% of millionaire investors, also beating out mass affluent investors.

With the popularity of Facebook, it comes as no surprise that many older, wealthy investors are active on Facebook. Of the millionaire investors age 65 and older included in the study, 49% use Facebook and 59% of millionaires 55-64 use the site as well. Forty-four percent of UHNW investors 65 and older and 49% of UHNW investors age 55-64 are Facebook active.

Kylie Hennagin writes for Financial Planning.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access