One-third of wealthy investors use social media platforms like Facebook, LinkedIn, Twitter and YouTube for personal finance and investing purposes, according to a new study by Cogent Research. While most investors continue to rely on a variety of resources for investment information, nearly 70 percent have reallocated investments or began or altered relationships with investment providers based on content found through social media.
Social Media's Impact on Personal Finance and Investment surveyed more than 4,000 investors with more than $100,000 in investable assets.
Investors who use social media for personal finance and investment purposes are using various platforms to form first impressions about providers and their decision to use a firm's investment solutions. Regardless of the platform, investors primarily turn to social media to conduct research on investing, products, and companies or to seek advice regarding investment decisions.
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