Professors at Columbia Business School and the University of Pittsburgh recently wrote a paper on the findings of a direct connection between self-esteem and self-control for people who use Facebook and other social networks.
The paper noted that those with larger numbers of connections tended to have better self-esteem, mainly because they care about the opinions of their connections.
This Website Is For Financial Professionals Only
At the same time, the increase in self-esteem led to a drop in self-control. The feelings of self-worth caused people to be more self-indulgent and impulsive, especially when it came to their use of credit cards and the impact that had on their credit reports.
The study found no connection between the time spent online, the percentage of time spent on social networks, and the number of relationships a person has offline and the amount of time spent with offline connections.
Research from Nielson in 2010 found that 23% of online time is spent on social networks. That’s twice the amount of time spent on other online activities. Other studies looked at participants’ health and abilities to perform mental tasks
like word puzzles.
Why is this information inportant to your work?
Understanding how your clients think and helping them manage issues of concern such as privacy and how to teach their children to be responsible wealth owners is one of the quickest and best ways to build trust and differentiate your practice.
Having these kinds of studies and statistics in your arsenal will establish you as a trusted resource.