More investors are tapping into technology to get the latest information for making investment decisions, according to a new study that indicates a substantial year-over-year increase in investors' technology use.

The study by Hearts & Wallets, a firm that focuses on identifying underserved markets for financial professionals, surveyed more than 4,400 U.S. investors households.

Investors' use of technology to access investment information has skyrocketed since 2010, said Chris Brown, principal of Sway Research. Brown created Hearts & Wallets in partnership with Laura Vargas of Mast Hill Consulting.

The biggest gains are coming from investors watching investment videos, which registered a 350% increase, and investors attending investment webcasts, which scored a 300% increase, Brown said.

"Other big gainers were assessing potential new providers by their Web sites, reading blogs and traditional media online, subscribing to investment services such as Morningstar or paid newsletters, and using tools and calculators," the study reported.

The study says one major reason for investors' big jump in using technology is that they're using it to supplement or replace other traditional investor information resources.

The report indicates that investors, who have been shaken by market gyrations, are now using technology for conducting due diligence before contacting a financial professional, to check up on their advisor and to monitor their advisor's account management.

"The number of investors who rely upon themselves for financial advice dropped," Varas said. "Technology is supplementing, and in some cases, possibly replacing human advice."

Yet for all the blogs, Web sites and other financial resources at their fingertips, many U.S.-one third of all survey participants-say they are "very inexperienced" with investing, up 20% from a year ago.

A common belief among U.S. savers, including Gen Yers, is that it is not possible to improve one's financial situation or that financial resources are scarce, according to the report.

"This type of mindset has major ramifications for a large part of the U.S. population in how proactive they will be toward saving for retirement as well as implications for the financial industry," said Brown.

Brown said it's important for the investment industry to provide educational programs to build consumer financial confidence and literacy. "The survey shows younger investors are almost as risk adverse as pre-retirees, which does not bode well for willingness to invest in 401(k) plans," he said.

-Jim McConville