As investors from Gen X and Gen Y continue to make up a growingportion of the affluent population, more of them are turning tosocial media for their personal finance and investing needs.

According to a new Cogent Research report, Social Media'sImpact on Personal Finance and Investing, three-quarters ofaffluent investors in the U.S. are now regularly using someform of social media. Regular use is defined as more than once amonth.

The rise in social media adoption among the affluent is expected tocontinue as investors from Gen X and Gen Y make up a growing portion of the affluent population, thereport noted.

The data showed that over one-third of all affluent investors(44% and 70% of Gen X and Y investors, respectively) are usingsocial media specifically for personal finance and investingpurposes.

About 70% of investors have reallocated investments, or began or altered relationships with investmentproviders or other financial firms based on content found on socialmedia, according to the data.

The report's respondents used a combination of financial companyblogs, Facebook, LinkedIn, Twitter and YouTube.

The Cambridge, Mass.-based Cogent said above all, “social mediaconsumption brings out the well-rounded researcher ininvestors.”

Social media increases investors' reliance on traditionalsources of investment advisory such as financial advisers, newsarticles, and firm representatives, which in turn are increasinglyscrutinized by information and commentary that investors seek andshare on social media networks, the report read.