Navigating the world of online financial advice can feel like searching for a life raft in a stormy sea. Everywhere you turn, "finfluencers" promise quick tips and pathways to prosperity to their vast digital followings. But what if the loudest voices aren't the wisest? What if popularity is a misleading beacon, potentially luring unsuspecting investors towards financial reefs instead of safe harbors?
Financial influencers, or 'finfluencers,' wield significant influence, especially among younger investors. But how much do they actually impact investment decisions? This post dives into the key findings of a study by the St. Pölten University of Applied Sciences & Paradots, published in January 2023. Their research surveyed hundreds of young followers of German-speaking finfluencers, offering valuable insights into trust, influence, and the motivations driving engagement in this space.
In today's digital landscape, financial advice is abundant and free. From YouTube gurus to Twitter/X personalities, podcast hosts to newsletter writers - financial influencers ("finfluencers") are shaping investment decisions for millions. But in this sea of predictions and recommendations, how many of us actually track whether these experts deliver results?