You might order an outfit that you spotted an influencer wearing in their holiday snaps, or buy the beauty product that they’re constantly praising. You might even borrow decorating inspiration from their home or screenshot a picture of them to show to your hairdresser. But would you follow an influencer for their financial advice – and put that advice into practice?
For Generation Z, the answer seems to be a resounding “yes”. For them, financial influencers (or “finfluencers”) are fast replacing more traditional sources of money guidance. In 2022, a study found that 62 per cent of 18 to 29-year-olds in the UK follow finfluencers on social media, with 74 per cent trusting the advice they provide; 90 per cent of these young people had changed their financial behaviour as a result. Many of these social media accounts are “explaining complex concepts in an easy to understand way that can help boost financial literacy”, says Rhodri Preece, who is the senior head of research at CFA Institute, a professional body for people working in investment. So what’s not to like?
This story is from the May 27, 2024 edition of The Independent.
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This story is from the May 27, 2024 edition of The Independent.
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