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2015 The State of Financial Literacy on Social Media- LinkedIn

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Assesses the level of financial literacy, general attitudes and perceptions of regular LinkedIn users and compare LinkedIn to the other three major networks (Facebook, Reddit, and Twitter) in relation to their financial security and what they are doing to prepare for retirement.

2015 The State of Financial Literacy on Social Media.

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2015 The State of Financial Literacy on Social Media- LinkedIn

  1. 1. 2015SOCIAL MEDIA STATE OF FINANCIAL LITERACY GENDER 38% of LinkedIn users are female GENDER 62% of LinkedIn users are male Could you benefit from meeting with a financial advisor and would you be willing to pay? FINANCIAL ADVICE 78% do not express interest in paying to meet with a financial advisor. 43% who have met with a financial advisor did so to discuss saving or investing. How likely are you to pay to meet with a financial advisor? I could benefit from some advice and answers to everyday financial questions from a professional. 11% Undecided 22% Likely 34% Neutral 17% Disagree 66% Unlikely 49% Agree OF LINKEDIN USERS ... OF LINKEDIN USERS ... 29% Which of the following areas of personal finance do you worry about? FINANCIAL WORRIES 53% of LinkedIn users worry about retiring without enough money set aside. 51% of LinkedIn users worry about not having enough “rainy day” savings in their emergency fund. 51% 29% of LinkedIn users are concerned about not being about to repay student loans. 53% 50% 50% of LinkedIn users are concerned about not being able to find well-paying jobs. 20%20% of LinkedIn users feel that they have no financial worries. 54% If you were having financial problems related to debt, how likely would you be to do the following in order to reduce your debt load? APPROACH TO HANDLING DEBT 54% of LinkedIn users would take on a second job to relieve debt, making them more likely than Reddit or Facebook users to do so. 36% of LinkedIn users would not hold off saving for retirement in order to reduce their personal debt. 36% 48% 48% of LinkedIn users would reduce the amount of money they are investing in order to reduce their debt load. 67% 67% of LinkedIn users have tried to figure out how much they need to save for retirement. Which of the following products do you currently have? PRODUCT OWNERSHIP AND PREPAREDNESS 42% of LinkedIn users own mutual funds. 61% of LinkedIn users have set aside savings funds for retirement. 72% of LinkedIn users have set aside emergency cash funds. 42% 61% 72% How would you rate the current financial circumstances of your household? CURRENT FINANCES RATING 79%of LinkedIn users are not comfortable with the current state of their finances. How LinkedIn users rate their current financial comfort: 3% NOT AT ALL COMFORTABLE 43% SOMEWHAT COMFORTABLE 26% VERY COMFORTABLE 18% NOT VERY COMFORTABLE 10% EXTREMELY COMFORTABLE Which of the following information resources do you prefer using when learning about personal financial plans? FINANCIAL RESEARCH 23% of LinkedIn users learn about personal finance through TV or radio programs. 58% of LinkedIn users learn about personal finance through magazines and newspapers. 33% of LinkedIn users learn about personal finance through a company’s website.33% 23% 58% Which of the following best describes how you manage your money? FINANCIAL BEHAVIOR 10% 55% 65% Will not risk their own money when saving or making investments. Feel that they are in control of their financial futures. Are likely to set long-term financial goals. 41% of LinkedIn users keep close track of how much they spend on monthly expenses. 41% LinkedIn users spend the most amount of time creating a budget at... 2.1 hours per month (on average) How long (in hours) do you spend creating a regular budget each month? PERSONAL FINANCE MANAGEMENT 64% of LinkedIn users create a regular budget. 75% of LinkedIn users strongly agree that they are good at tracking expenses. 64% 48% 1-3 hrs 11% 4-6 hrs 2% 10+ hrs 36% Do not create a regular budget! 2% 7-9 hrs 75% FINANCIAL KNOWLEDGE GRADE LinkedIn users are more likely than users on any other social site to rate themselves an “A” when it comes to personal financial knowledge. A 32 % B 43 % C 18 % D 7 % F 0 % How do you rate your own financial knowledge? LINKEDIN USER ANNUAL HOUSEHOLD INCOME LESS THAN $25,000 20% $25K-$39.9K 8% $40K-$59.9K 17% $60K-$79K 11% $100K-$149K 21% $150K+ 11% $80K-$99K 11% Average: $ 81,598 2015SOCIAL MEDIA STATE OF FINANCIAL LITERACY Overall* Mean 4632LinkedIn Overall refers to the participants surveyed across Facebook, Twitter, Reddit, and Linkedin. DEMOGRAPHIC OVERVIEW AGE IN YEARS

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