Social media has become an integral part of most people’s lives. According to the 2017 Sensis Social Media Report, 16 million Australians are active on social media and 59 per cent of them access their accounts multiple times daily.
While social media sites are being primarily used to keep in touch with friends, share photos and videos, and to follow the news, they can also be used as a tool to better one's financial situation.
You can use social media to better your financial situation.
Get better customer service
A great way to use social media is to receive better customer service, especially when it comes to handling complaints. Companies, such as banks and insurance providers, are very concerned about their brand image and are often more likely to respond to your queries if you reach out to them on Twitter or Facebook where the public is also able to view your complaint. Hence, response times are often much faster if you lodge your complaint via social media.
Stay informed about financial markets
Social media also provides an excellent means of staying up to date with financial news. Following financial news channels and influential individuals on platforms such as Twitter and Facebook will keep you informed about what is happening in the markets. This can help you to make adjustments to your investment portfolios quickly if need be.
Social media has become an integral part of most people’s lives.
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Get money management tips
Social media can also be an excellent source for money saving tips. There are a lot of personal finance experts on Twitter, Facebook, and Youtube that you can receive smart money management tips from.
Be exposed to new financial services
Financial services companies often market their newest products on social media. That makes social media a great place to find new products and services that can help you to save money such as zero-fee bank accounts or low-cost investment funds, for example.
Instead of using social media only for personal entertainment, it may be wise to also consider it as a tool that can help you to improve your financial situation.