Finfluencers are gaining popularity across social media platforms and are helping people invest better.
Bengaluru: Financial influencers, or ‘finfluencers’ as they are popularly called, are taking social media by a storm and have quickly gained popularity among Gen Zs and Millennials who are looking for advice on maintaining their personal finances.
These finfluencers break down concepts around investments and finance and explain them through posts and reels on Instagram and other social media platforms.
“I started with the aim to make finance easy. People have a misconception that you need math or a finance background to understand these concepts, so I decided to break it down for them. I talk about stocks, mutual funds, investments, NFTs, cryptos. Basically, I talk about anything related to making, saving, and earning money,” said Anish Nandalike, a finfluencer who has close to 4,000 followers on his Instagram account.
The retail investors’ share in market turnover went up from 39% in 2019 to 45% in 2020. The India Brand Equity Foundation (IBEF) said that one of the biggest reasons responsible for this growth was the financial content created on social media.
“I used to write a blog earlier. These days our attention spans have fallen to 10 seconds, 15 seconds as we watch short videos. So I switched to a media platform such as Instagram and started making reels. I thought once you open the app, you watch one reel after another another till you go down a black hole. Might as well get some education out of it” said Snigdha Chaturvedi, a finfluencer who makes videos focused on budgeting and personal finance on Instagram. She has a follower base of more than 9,000 people.
Finfluencers make content that usually takes less than a minute to consume and use memes and pop culture references to make their content interesting and attract more people to their account.
An investor who follows the advice given on these platforms, Nikita Prasad, shared “It’s easy to understand the videos as they (finfluencers) use real life examples and references to movies and web series to explain concepts. It also grabs the attention of a person who is just casually scrolling through their social media.”
The popularity of these videos is growing rapidly. On Instagram, the hash tag #investment has 13.3 million posts under it, #personalfinance has 1.9 million posts and videos under it and #personalfinanceblogger has 14,400 posts and videos under it.
CA Souvik Mohanty, a business expert, said, “It is nice to see the kind of content that young people are creating and consuming. There has been an increase in the number of people who wish to know more about personal finance and this has been brought upon by these finfluencers.” He advised that people must do their own research and due diligence before investing their money anywhere.
Financial bloggers and vloggers have created significant user bases and see people between the ages of 16-35 as their biggest audience segment. IBEF also says that India has the potential to be among the most financially literate countries if the youngsters within the age group 10-19 are provided proper financial education, which is something these finfluencers aim to do.