A new Spectrem’s Millionaire Corner study of how ethnic investors use social media and mobile technology finds that Asian investors are more actively using the Internet as a resource for financial information and tool for transactions. Sixty percent of Asian investors said they regularly go online to research information on financial products and services, compared with 55 percent of Hispanic respondents and 45 percent of Black investors.
An equal percentage (59 percent) regularly log on to the Internet to obtain market updates vs. half of Hispanics and 44 percent of African-Americans. Similarly, Hispanic investors are more likely than their Hispanic and African-American counterparts to conduct financial business such as buying and selling investments (43 percent vs. 28 percent and 27 percent, respectively) and check account information (87 percent vs. 82 percent and 83 percent) Hispanic respondents to the Millionaire Corner study were most likely to report regularly following the news online (88 percent vs. 83 percent of both Asian and Black investors), while Blacks and Hispanics equally (24 percent) more likely than their Asian counterparts (21 percent) to correspond online with a financial professional.
Black and Hispanic investors expressed the most interest in using the Internet to expand their financial knowledge and to conduct more financial activities. Nearly three-fourths (73 percent) said they would be interested in accessing personal account information through websites accessed through personal computer, smartphone or tablet computer. Nearly seven-in-ten (67 percent) would be interested in looking at balances in one place from multiple providers (vs. 59 percent of Hispanics and 58 percent of Asians). Black investors also expressed the most interest in accessing through their personal computer, smartphone or tablet advice from financial experts and checking out online ratings of financial advisors. Ethnic background is not a factor in gauging interest in using online resources to benchmark against investment returns, access stock market ticker tape or view videos of experts speaking about financial topics.