At the beginning of June, the marketing company Sortlist conducted a survey to examine the influence influencers will have on financial decisions in 2022. 1,000 social media users from Belgium, Germany, France, Spain and the Netherlands took part.
Offline media unpopular with all age groups for financial research
The result: 79 percent of those surveyed have already made investment decisions based on information provided by an influencer, and a fifth trust laypeople on social media even more than trained financial advisors. At least 37 percent think that the professionals would work more transparently. And despite the huge impact of social media, influencers were rated significantly less reliable than professionals by survey respondents.
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While Google and professional advice services are considered by the majority to be the best sources for reliable information about possible financial decisions, neither the younger (35-44 years) nor the older (45-54 years) respondents turn to magazines and other offline media.
Social media complement other sources of information
In terms of content, the majority stated that they followed influencers, particularly in the area of crypto topics, with YouTube, Instagram and Facebook being the most popular platforms. When choosing the social media size of trust, credibility and content play the most important role, the number of followers turned out to be comparatively unimportant.
The survey also found that choosing a good source isn’t an “either, or” choice for most – rather, influencers largely complement respondents’ other sources. At least 68 percent stated that they always check the information found in social media before making the final investment decision.
Influencers are no threat to professionals
Sortlink quotes investor and consultant Tony Jazz as to why so many consult social media when making their decisions: “Proximity beats competence! That’s why we trust influencers more. They trust a friend more easily than a stranger – and influencers build one friendly relationship with their community.” Another reason, according to the survey, is that most simply do not have the financial means and time for a counseling appointment. All in all, according to Sortlink, it can be concluded from the survey results that social media make it easier for the majority of the population to get started with the topic. Other sources of information will almost always be added later – and since the media and professional consultants bring different advantages, the latter probably won’t have to worry about their jobs in 2022.
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