Silver surfers make up a large chunk of the 1.5 million Australians who have an online stock trading account, according to research commissioned by Macquarie Private Wealth.
Figures show 60 per cent of high net worth investors (HNWI) who trade through the internet are aged 60 years or over.
Older Australians have readily adapted to trading in cyber space because of its ease of use, Macquarie Private Wealth DirecTrade head of online trading Tim Keegan said.
“Significant proportions do hold a margin loan – 38 per cent of HNWI. It’s interesting that leverage has become part of the regular suite of tools for the high net worth,” he said.
Keegan said he knew of one silver surfer in her 70s who looked at her portfolio more than a dozen times a day and loved mining stocks because her son was a geologist.
The findings showed 20 per cent of those who trade online consulted a financial adviser or service broker about their investment decisions.
The study found 92 per cent of HNWI who trade online regard themselves as confident in their own investment decisions.
And 90 per cent of those who traded online were happy to make a major investment based on their own research.
Male HNWI are more likely to take the plunge online than their female counterparts; 35 per cent and 19 per cent respectively.
Nearly a third has been investing online from age 29 or under and a further 37 per cent first invested between the age of 30 and 39.
The Profile of Private Wealth in Australia; An Insights and Trends Study was conducted by Taverner Research.
