The younger generations show a growing interest in the financial markets. They use more social media as a source of information to achieve personal financial success. The problem here: Not all financial experts presented on the Internet are really trustworthy.
The world of finfluencer: chance or risk for young people?
The influencers of Instagram, Tiktok & Co. have discovered the world of finances. The term “finfluencer” has established itself from the words “Finance” and “Influencer” – influencers, which are topics related to the Financial markets dedicate. However, an area that has been rejected by young people in recent years will find a wide interest with them today. The financial influencers often explain the various investment classes, offer tips for beginners in the stock market and occasionally give recommendations for apparently lucrative investments.
In some cases, the articles and videos of financial influencers can be extremely informative and facilitate access to the otherwise quite dry topic of finances. However, special caution should be exercised in those who spread false information and half -truths or act from fraudulent and dishonest motifs.
Meaning of the financial influencer: Young adults follow and trust
According to a study by the St. Pölten University of Applied Sciences, 76 percent of the 300 young adults surveyed, aged 18 to 34, consider financial influencers as an important source of information. Remarkably, 85 percent of them follow not just one, but several financial influencers. One of the reasons could be that the finfluencers not only serve as a source of information, but are often also entertaining. Because entertaining stated around 69 percent of those surveyed as a decisive point. Over half of the respondents are interested in the financial memes and another 64 percent in the personal stories of the influencers.
The study shows that 84 percent of those surveyed consider specific information about shares to be particularly important. This is confirmed by 79 percent of participants in relation to corporate shares and 77 percent in relation to general financial tips. A result of the study in particular confirms the intensive interest of the followers, because a total of 99 percent stated that they were interested in long -term asset structure. It is also impressive that 92 percent of those surveyed already have the goal of securing their investments for age. Another 88 percent attach great importance to financial independence.
Dangers: background and financial incentives of the influencers
As a viewer, it is important to know why the influencers recommend certain products. It is not always about the best system for the viewer, but about self -interest. So-called affiliate links are a classic concept, as Bavarian Radio explains. If users click on the link below a certain video or image and then make a specific investment, the financial influencer receives remuneration for this mediation. Since you usually offer your advice free of charge, the influencers, for example, already earn a commission if you present products of certain companies, adds Schultnerberater.de.
In an interview with the BR, Ulf Linke from the Federal Financial Supervisory Authority of Financial Supervisory Authority points out that spectators should be aware that financial influencers have financial self-interest. The article also emphasizes that influencers with a larger number of followers and likes generate more income through advertising, which is why the audience should always check the supposed tips.
A look behind the facade: how to check the seriousness
It is advisable to take a closer look when it comes to investment tips and financial information on social media. Comments and likes alone are not a reliable quality feature for financial influencers. You don’t determine how serious the channels are. Self -proclaimed experts are not always what they are.
On the other hand, it is important whether the influencer discloses and explains its identity where his specialist knowledge in the financial sector comes from. Is it clear from his contributions who he really is and what professional background he has? The website Schuldnerberatung.de explains that it can be helpful to check the information provided by additional sources. Of course, the number of followers, likes and comments can also be an indication of the trustworthiness. However, since these are easy to manipulate, further criteria should definitely be included in the evaluation.
The contribution of the Bavarian Radio emphasizes to check the importance of who is behind the offers of finfluencers and which intentions they pursue. Katharina Brunsendorf and Alicia Euler, for example, are part of the Commerzbank Group with their “Financial heroesses” program. According to the Br.de article, the bank provides them with a budget for advertising and events. The two generate further, probably only slight income by selling their book and lectures. Their goal is to inspire women for the financial world, adds.
It can also be helpful to take a look at the imprint of the finfluencers. If the company headquarters in Germany, according to the Bavarian Radio, this can be a positive sign. However, caution is advised if the seat is, for example, in Dubai or the Caribbean. Regulations in other countries can differ greatly from the German requirements, which is why the followers and investors could be less protected.
A basic rule, whether with or without finfluencer, is never to buy products that you don’t understand. The former central banker and founder of the Female Finance Forum, Claudia Müller, told Bayerischer Rundfunk that public bodies such as the consumer advice centers can help in the event of uncertainties. Further information on the function and the obligations of the various financial products can also be found, for example, on the websites and social media offers of the Stuttgart, Munich and Frankfurt stock exchanges, adds Müller.
Kim K. Hingley / Redaktion Finanzen.net
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