The affluent and their mobile devices

Mobile device usage is growing among the affluent class.

They’re using their smartphones and tablets to video chat with friends, associates, business partners and financial advisers. But these high-income individuals still rely on the personal computer when it comes to making trades and doing investment research, a new report says.

Spectrem’s Millionaire Corner reveals in its study, “Using Social Media and Mobile Technology in Financial Decisions,” that among individuals with a net worth of between $1 million and $5 million, 65 percent own smartphones and 67 percent own tablets. That is up from 41 percent smartphone ownership and 20 percent tablet ownership in 2011.

A majority of the respondents use video-chat technology frequently, the study says, with 66 percent of tablet users and 57 percent of smartphone owners using the technology on tablets at least occasionally during a 12-month period.

One of the purposes of the study was to note how investors would communicate with financial advisers, and 50 percent said they would be willing to use a tablet to communicate via video chat with one. Another 46 percent said they would do it with a smartphone.

Spectrem’s study also finds that investors prefer their personal computer for investment purposes rather than their tablet or smartphone. Of those who responded, 73 percent said they would use their personal computer for investment research but only 8 percent said they would use their tablet and 3 percent said they would turn to their smartphone for that purpose.

They are even avoiding using mobile devices to pay their bills, again preferring to rely on the PC for the task. Only 7 percent said they would be willing to pay bills using a tablet, and 3 percent would do it with a smartphone.


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