Social media is a vital part of American society, and it’s becoming a vital component of the economy.
A new survey found that Americans use YouTube the most, at 73%, a number unchanged from last year. The second most popular social media site is Facebook, with 69% of Americans reporting using the service, a 1% increase from last year.
What Social Media Platforms Are Used for Financial Service Research
When asked what social media platforms they use in connection with financial products, services, or advisors, most consumers indicate they do not use social media sites for such purposes.
Gen X (17%) and Millennial (29 percent) generations are more likely to be looking for an advisor. These generations are more likely to use social media to research potential advisors, suggesting that more advisors need to build or enhance their social media presences.
Comparing the numbers of people who use social media to those that use it to research financial service-related information indicates that social media does not yet play a substantial role in financial products and services for most consumers.
Yet, each of the sites listed above already has tens of millions of users looking for more information in the financial services space.
Marketers should learn more about social media users in this space and learn how financial service marketers can more effectively leverage these platforms to build knowledge and awareness.