Among the more eye-catching findings of the US report is that among those using social media to source advice, the China-founded social media TikTok figures in the mix.

A study of 500 mass-affluent and high net worth US individuals by TD Wealth and marketing and communications firm Prosek finds that 57 per cent of them have used online sources or social media – including platforms such as the TikTok app – to get investment advice in the past 12 months. 

The report throws light on how the internet and new digital platforms change how citizens invest, seek advice and execute on their ideas.

Of respondents who selected generative AI as a source of investment advice, 85 per cent said that they took action. Among respondents who selected TikTok, the China-based platform, as a source of investment advice, 63 per cent said they took action. Among those using Twitter, 64 per cent went on to act, and for Instagram users, the result is 62 per cent.

In other findings, the report showed that 81 per cent of respondents said they expect to see an economic downturn in the next 12 months.

When broken down by region, it appears that investors in South Florida are less optimistic (88 per cent expect an economic downturn), compared with the rest of the US.

The figures also suggest that the impact of rising interest rates is viewed differently in terms of age. Younger investors (aged 18 to 44) are more concerned about interest rates than older cohorts, whereas older investors (aged 45+) are more concerned about political uncertainty than younger investors. 

Of those who have a long-term investment plan (93 per cent), 64 per cent work with a financial advisor. 

The survey, conducted with third-party vendor, Big Village, covered people in markets including Boston, New York, Philadelphia and South Florida.