The younger generation learned from the COVID crisis and began taking steps to secure their own financial future. Many people who accessed informative digital content from social media influencers, found it useful thanks to social media. A social media influencer is someone who has built credibility in a specific industry or niche and promotes themselves through social media. They accumulate a devoted following and audience by sharing content on social media platforms such as Facebook, Instagram, TikTok, and YouTube. They may have a podcast or a blog as well. A finance influencer is a social media influencer who specializes in sharing financial and money-saving advice.
The rise of the finance influencer can be thought to have contributed to the increased use of social media for getting financial advice. According to Motley Fool- More than any other source of information, 91 percent of Gen Z and 75 percent of millennial respondents used social media for investing information. But from where do these Gen-Z and millennial investors look for money advice? According to the recent study of Morning Consult, here’s where Gen Z and millennial investors look for money advice.
- Facebook – 33%
- Instagram – 32%
- Reddit – 29%
- Twitter – 27%
- Tik Tok – 29%
Finance influencers can make money by sharing their financial knowledge in a variety of ways, such as monetizing a YouTube channel, sharing sponsored posts, selling digital products or courses, and using affiliate marketing.
What makes finance influencers so valuable in today’s culture?
They talk about topics that are important to their audience, including how to pay off student loans or save money to buy a house by the age of 30, how to get rid of credit card debt, and how to begin investing in the stock market. It is because of this relevance that they are so effective and popular with the younger generation.
Another important feature is that they have different specialties and target the right demographic groups. There are finance influencers who focus on investing and those who refer to specific financial and generational wealth creation. Also, they focus on audiences that include couples and other people who choose to discuss topics such as wealth building and debt elimination.
Let’s have a look on some of the top financial influencers:
- Rachana Ranade – She is a Chartered Accountant based in Pune, has over 2.7 million YouTube subscribers, and uses her videos to educate people about the stock market and the financial world. She posts around 8 to 10 videos on an average per month and 4 Live Streams. Her website also provides courses in the field, and she shares her thoughts on Twitter too.Â
- Pranjal Kamra – He is the co-founder and CEO of Finology Ventures Pvt. Ltd. He is an LLB by qualification and based in Raipur. He posts videos on his YouTube channel, has 3.78 million Youtube subscribers, and is an Instagram influencer too with 194K followers, educating many people on how to grow in the field. On average, he posts around 3-4 videos per month. His company is based in the same area and claims to be the only one of its kind in the market.
- The Financial Diet – It is a New York-based company run entirely by women. Chelsea Fagan founded the company in 2014 as a personal blog. Its primary goal is to improve and change the way we talk about money by allowing women to share their experiences. They’re very active on social media, giving money advice and sharing insights. They also have a podcast, The Financial Confessions, where they have open and honest discussions about money. Chelsea Fagan and Lauren Ver Hege, co-founders, have also co-written a book titled after their successful website. They have 961K subscribers on Youtube and 833K followers on Instagram.
- Humphrey Yang
Humphrey Yang is a personal finance influencer and content creator who used to be a financial advisor. He has 2.7 million TikTok followers, and one of his most popular videos, with over seven million views, compares the short- and long-term capital gains tax rates. Also, he has 437K followers on Instagram and 605K Youtube subscribers. In their videos, they give tips on investing, taxes, and money basics.
Are Personal Finance Influencers Trustworthy?
Many are legitimate in the sense that they are sharing money advice based on their own experiences or professional expertise. However, there are some who lack credibility and authority, so it’s critical to do your research before deciding who to follow.
Conclusion
Above finance influencers can be a good way to get money advice, but you should think about the source. Many influencers clearly specify that their advice should not be used in place of professional financial advice. If you’re having trouble creating a budget or need help developing a retirement strategy or how to pay 10K debt in a period of time, you might want to consult with a certified credit counsellor or a financial advisor.
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