Retirement plan participants are very active on social media, Spectrem Group found in its second quarter survey of 1,135 participants in defined contribution plans.
Seventy-eight percent use Facebook, 49% use LinkedIn, 39% use YouTube, and 28% use Instagram. Only 11% do not use any social media platform.
Twenty-five percent view videos on websites. As far as their interest level in what they would like to accomplish on websites, 67% want to access their account information, 47% want account aggregation, 34% want advice from financial experts, 29% want information about financial topics and products, and 22% want videos about financial topics.
Spectrem says that retirement plan providers and advisers that utilize social media and digital technology to communicate with participants will have a significant advantage over their competitors in building long-term relationships with participants.
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