What is it about?

This paper explores the rise of financial influencers—or "finfluencers"—on social media platforms like Instagram, TikTok, and Twitter. These finfluencers provide financial advice and inspiration through engaging content like short videos, memes, and personal stories. The study examines how these influencers make complex financial ideas more accessible while also promoting financial concepts as a central part of everyday life. Finfluencers use tools like storytelling, emojis, hashtags, and community-building to connect with followers, often targeting younger audiences. While they help many people learn about budgeting, saving, and investing, they also amplify the financialization of daily life, encouraging people to see money management as a core part of their identity. The research highlights both the opportunities and risks of this trend. On one hand, finfluencers make financial knowledge more inclusive and engaging. On the other, their content can oversimplify complex topics or promote risky behaviors like day trading. This paper calls for better digital and financial literacy to maximize the benefits of finfluencer culture while minimizing its potential harms.

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Why is it important?

This paper is unique because it examines a modern and rapidly growing phenomenon—the blending of financial advice with social media culture. It provides a fresh perspective on how social media platforms are reshaping not just communication but our understanding of money and economic behavior. The analysis connects the everyday influence of finfluencers to broader societal trends, such as the increasing importance of financial literacy and the normalization of finance as a personal and cultural priority. It’s timely because social media now plays a dominant role in how younger generations access information, including advice about money. The economic uncertainty of recent years, combined with the democratization of investment tools like apps, has made finfluencers even more relevant. This research sheds light on how digital platforms are changing who we trust for financial advice and how that advice shapes our lives.

Perspectives

This paper captures the intersection of two forces shaping modern life: the rise of social media and the growing financialization of our daily routines. Finfluencers are like the digital-age equivalent of financial gurus, but their impact is amplified by the immediacy and interactivity of platforms like TikTok and Instagram. They don't just share advice—they create communities and foster emotional connections, making financial education feel approachable and even entertaining. What resonates most with me is the dual nature of this phenomenon. On one hand, finfluencers are democratizing access to financial knowledge, breaking down barriers for people who might otherwise feel excluded from the world of investing or financial planning. On the other hand, the constant stream of financial content risks turning money management into a performance or a source of anxiety, where success is measured by likes and shares. This paper made me reflect on the responsibility that comes with financial advice in such a public, influential space. It’s a reminder that while social media can be a powerful tool for education, it also needs checks and balances to ensure it promotes genuine understanding rather than just engagement metrics.

Dr. Adam Hayes
University of Lucerne

Read the Original

This page is a summary of: Under the finfluence: Financial influencers, economic meaning-making and the financialization of digital life, Economy and Society, September 2024, Taylor & Francis,
DOI: 10.1080/03085147.2024.2381980.
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