A MassMutual national survey of American workers who are eligible to participate in an employer-based DC plan found there is a growing incidence of individuals utilizing social media to learn about retirement and related financial topics. Facebook and LinkedIn were the platforms highlighted, revealing that men prefer LinkedIn, with 32% of men being routine users, versus 15% of women, while more women turn to Facebook for financial knowledge, with 74% consistently using Facebook versus 59% of men.
Among other notable survey findings is that participants who are enrolled and contributing to their plan are more likely to use social media than those who are not contributing, with 71% of retirement plan participants routinely using one or more social media sites. Elaine Sarsynski of MassMutual reveals, “Participants in their 30s are far more likely (14%) to use social media for retirement information or advice than older participants … this may represent an important window of opportunity to reach these participants at a crucial time in their retirement savings lifecycle.”
The encouraging news in these findings is that in the same two-year span (2011-2013) in which social media usage has increased among both men and women, participants in general have been saving more, demonstrating increased awareness and desire to work toward this goal.
