Administration March 2, 2003

Online Financial Information, Advice Low Priority for Most

February 27, 2001 (PLANSPONSOR.com) - Half of Americans responding to a new survey have not sought investment advice in the past year, and nearly two-thirds of those that have haven't gone online for that information.
Reported by

The survey, conducted by Yankelovich Partners for American Express, found that of the 62% that have gone online for information:

  • 25% have used portals (Yahoo or MSN)
  • 20% have used general online news sources (such as CNN.com or MSNBC).

But less than 10% have used financial news sources, financial services Web sites, online chat rooms or bulletin boards.

Of those who have solicited advice, just 20% of those over age 50 have used the Internet for that purpose, compared with 41% of those between ages 35 – 49, and nearly half (48%) of those between 18 and 34.

Income made a difference, with only a third of those with incomes less than $75,000/year going online for financial information.  On the other hand, over half (56%) of those with incomes greater than $75,000 have done so.

The survey also shows that men were much more likely to go online for information/advice than women, by a margin of 45% to 31%.

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