Forty-five Percent of Investors Consider Themselves “Very Connected”
PITTSBURGH, Sept. 29, 2016 /PRNewswire/ — If consumers want to take more control of their finances, they need to take advantage of the mobile and online tools their financial institution offers, as well as the expertise of a professional investment adviser, according to new survey findings from The PNC Financial Services Group, Inc. (NYSE: PNC).
The latest iteration of the PNC Perspectives of Retirement Survey found that the most digitally connected among successful savers had the highest average estimated household income and highest total investable assets among survey participants.
They average 3 hours 42 minutes per week reviewing their finances and financial information online or on a mobile device. Of the 45 percent of survey participants who describe themselves as feeling “very connected,” nearly half look at financial headlines every day and half use a mobile app connected to their investment accounts.
Better Connected Investors are Better Informed
Further, more than a third of these “very connected” investors crave even more connection, claiming that there is no such thing as having too much access to their finances.
“The most digitally connected investors tend to be better informed, which contributes to their success and positions them well for the future,” said Rich Ramassini, CFP® director of strategy for PNC Investments. “For instance, they are more likely to know about the fiduciary standard for investment advisers, and are more likely to consult with an adviser who follows the standard. The information and advice they access should give them an advantage as they save and invest for retirement.”
The Most Digitally Connected Investors Still Seek Live Financial Advice
In fact, PNC’s survey shows that nearly 6 in 10 of these “very connected” investors, take advantage of expert advice from a professional financial adviser.
Regardless of the level of connectivity investors maintain with their accounts on a weekly basis, PNC’s survey findings also reveal that two thirds of investors want to hear from their financial adviser, particularly during an economic downturn or other periods of unpredictability. In fact, 22 percent were so eager to connect during the recent market downturn that they initiated a call with their advisers. According to survey respondents, general economic volatility is the No. 1 topic of discussion during these impromptu calls with advisers, and a little less than half see it as either an opportunity to make or a threat to lose money.
“Making a change in a portfolio during periods of market volatility is the chief source of regret among investors,” said Ramassini. “A financial adviser can be a steady hand in times of stress and help avoid panic selling or buying. When it comes to successful saving, information – particularly information gained through a combination of digital resources and expert advice – is powerful.”
Mobile Banking and Investment Apps Have Room to Grow
Among the digital tools investors use to connect with their finances, mobile banking apps are by far the most often mentioned. But there is room to grow, as only 58 percent of investors have used a mobile bank app in the last year. When it came to connecting with investment accounts, even fewer investors use mobile tools, about 37 percent. Just 17 percent of investors are using their investment firm’s proprietary app. Yahoo Finance is the winner among third party apps, with 10 percent of respondents using it.
PNC Investments is a registered broker-dealer and investment adviser, providing a range of retirement and investing options, including brokerage accounts. PNCI provides guidance to help those just starting to invest, those who have been planning and investing for some time, and individuals nearing or in retirement. PNCI offers practical, strategic financial advice and insight to help clients achieve more with their money.
The PNC Perspectives of Retirement Survey measured the attitudes of 1,002 adults ages 35 to 75 with investable assets of at least $100,000, or at least $50,000 if under the age of 45. Approximately 12 percent of respondents have investable assets of $1 million or more.
An online media kit containing survey highlights, background information and infographic is available on PNC’s website.
The PNC Financial Services Group, Inc. is one of the United States’ largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
The Perspectives of Retirement Survey was commissioned by PNC to identify attitudes and behaviors of investors. The study was conducted online within the United States May 20, 2016 and June 1, 2016 among a nationwide cross section of 1,002 adults age 35 to 75, each with total investable assets of at least $100,000 if age 45 or older, or and at least $50,000 if age 35 to 44. Twelve percent of the sample had $1 million or more in total investable assets. Twenty percent of respondents are retired. Findings are significant for the total sample at the 95 percent confidence level with a margin of error of +/- 3.0 percent.
The survey was designed by Artemis Strategy Group, a communications strategy research firm specializing in brand positioning and policy issues.
This report has been prepared for general informational purposes only and is not intended as specific advice or recommendations. Information has been gathered from third party sources and has not been independently verified or accepted by The PNC Financial Services Group, Inc. PNC makes no representations or warranties as to the accuracy or completeness of the information, assumptions, analyses or conclusions presented in the report. PNC cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third party sources. Any reliance upon the information provided in the report is solely and exclusively at your own risk.