Finfluencers: who they are and what they do
Finfluencers have typically acquired specialized knowledge in finance and investment. They typically establish their social media presence by sharing content that advises and informs their followers on topics like investing, saving, market analysis, and some even offer personal financial management services.
The world of finfluencers is made up of an interesting mix of individuals, ranging from skilled professionals and amateur investors to academics with a keen interest in financial education. They combine their knowledge with the power of social media to create content that helps their followers make more informed decisions about their money.
The impact on generation z
Generation Z, comprising individuals born during the 90s and 2000s, has developed a keen interest in financial matters and achieving financial independence. Finfluencers recognize this interest and are actively engaging with this specific audience.
Finfluencers enable Gen Z to access information and advice that was previously challenging to find or inaccessible. This has the potential to significantly influence how Generation Z manages their finances, empowering them to make informed decisions about investments, savings, and their personal financial future, tailored to individual needs.
Challenges and potential risks
While finfluencers can offer valuable insights and advice, there are also several challenges worth considering. Excessive self-promotion, insufficient risk management, and potential underestimation of the complexity of financial realities pose risksfor both finfluencers and Generation Z. To mitigate these risks, it's crucial to always filter the information received. Financial decisions or new habits should be adopted only after thorough research and discussions with qualified individuals, ideally professionals.
However, properly qualified finfluencers remain an essential source of information and education for Gen Z, helping them understand and realize their personal financial potential. They serve as a compelling example of how technology and social media shape our relationship with money and contribute to achieving financial independence.
Sources: https://www.mckinsey.com/~/media/mckinsey/email/genz/2023/08/2023-08-22a.html