Gen Z Is Getting Financial Advice From Influencers, Here's Why

Making an investment is arguably one of the most difficult decisions that you might have to consider, and it turns out that Gen Z rely on financial influencers, or “finfluencers”, to figure out where their savings should go. This seems to suggest that traditional investment advisors are on their way out, and there are four main reasons why this is happening.

For starters, Gen Z doesn’t really seem to have all that much trust in financial institutions. They are of the opinion that people working at those institutions only want to cash in for themselves, whereas finfluencers might be a great deal more relatable with all things having been considered and taken into account. Gen Z can find someone that shares their background or beliefs, and that can make them more trusting than might have been the case otherwise.

The second reason has to do with the long form content trend. TikTok has been offering ten minute videos for quite some time now, and as a result of the fact that this is the case, finfluencers are able to make more detailed breakdowns of financial concepts and the like. What's more is that this gives creators the ability to offer better disclaimers, which can be critical for those that want to monetize this content in the long run.
Another essential reason to bear in mind is that cryptocurrency and other unregulated assets are quite popular among Gen Z at this current point in time. Influencers can provide them with strategies to invest in these assets, and given the influx of crypto content out there right now, it makes sense that Gen Z would want to dive into this category as soon as possible.

Finally, it bears mentioning that influencer content regarding financial investments and the like is a lot more accessible than going to a financial institution. Gen Z are able to view this content at their own leisure and without having to pay any exorbitant fees. Instead, they can get all of the advice that they need completely free of charge, although they might end up switching to traditional investment advisors when they can afford it.

Image: DIW -AIgen

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