The social media influencer industry is huge – but did you know about finfluencers? These specialist influencers operate in the personal finance market, focusing on areas that range from budgeting to investing. Let’s cover what you need to know.
What do finfluencers do?
Finfluencers are social media influencers who specialise in the world of finance. They might focus on topics like money saving, investing, earning, or even wills and power of attorney online services. But when you are researching financial decisions, like how to create a Power Of Attorney Online, it’s essential that you obtain clear, impartial advice – and sometimes finfluencers are neither clear nor impartial.
What are the risks of finfluencers?
The Financial Conduct Authority has flagged up issues with finfluencers, primarily that they hold no qualifications in their line of work and often don’t flag up their affiliations with certain products. This means that they can do more harm than good and encourage people to make bad decisions with their finances. People can lose money without any redress from these bad decisions, and the influencer has no liability.
How to protect yourself from bad influencers
Make sure you know the credentials of any finfluencers that you follow. Look for their qualifications, read their bios, and Google them for more information. Don’t trust anything that anyone says on face value, and certainly don’t trust any influencer who makes a get rich claim. It’s better to look for information from accredited, trusted, and third-party sites, especially government or non-profit sites that can provide you with information about finances for confident decision-making.
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