NEW YORK (5/10/13)--While Facebook remains the most popular overall social network for personal use, LinkedIn's focus on business makes it the top platform for work-related issues--especially in the world of finance, according to new research.
Social media platforms had a penetration of 90% among financial professionals, according to a first quarter survey of finance professionals by Research Now and American Century Investments (eMarketer.com May 9).
"In the finance world, knowledge is currency," said the research report. "And financial professionals seem to understand that staying tapped into their social networks is a great way to stay on top of the latest information."
One-third of those surveyed said they used LinkedIn only for business. That compares with 2% for using Facebook for this purpose and 3% for Twitter.
The financial pros reported they most often turned to social media to read up on commentary and expert insights about the finance world (28%). Other popular functions included researching people (prospects, contacts and current clients), at 14%, and sharing relevant news content with their clients, 13%.
Other business uses for social media included monitoring industry/market news (11%) and business promotion or brand building (10%). Receiving fewer than 6% were: maintaining a professional blog, posting commentary, sharing best practices with peers and colleagues, customer feedback/engagement and competitive intelligence.
Roughly 40% of those surveyed said they use social media several times a week, an increase from 31% the previous year.
For social media used for personal purposes, Facebook got the lion's share--55%--followed by Twitter at 21%, YouTube at 20%, Google+ at 14% and LinkedIn at 12%.