The No. 1 reason why people don't sign up for Facebook is not a concern about privacy, but rather a concern about wasting time, according to a report Wednesday.

In November, 56 percent of people who decided against becoming Facebook users cited time-wasting as the reason, according to Wedbush Securities. In September, 52 percent gave that answer.

Privacy was cited as the reason by 42 percent of the Facebook naysayers in November, down from 48 percent in September, according to the survey.

The report from Wedbush Securities was based on a survey of 2,500 adults.