Millennial Australian Women Are Turning To Financial Influencers For Financial Literacy

Isometric gold dollar coins stack on turquoise blue background. Finance, money, wealth, growth and investment concept. Flat design. EPS 8 compatible vector illustration, no transparency, no gradients
B&T Magazine
Edited by B&T Magazine
SHARE
THIS



Influencer marketing platform HypeAuditors has released a study into the fast-growing field of finance-related social media influencers, aka ‘finfluencers’.

The finfluencer world is somewhat controversial, with some influencers being criticised for spreading misleading information, particularly towards young people.

However, the Australian government has declined to step in and regulate finfluencers, with financial services minister Jane Hume saying earlier this yeah finfluers were “an inevitable part of the financial ecosystem” and that “the TikTok influencer spruiking Nokia is not that different to the bloke down at the pub who wants to tell you all about the really great company he just invested in but with a much louder voice.”

What HypeAuditor’s new research reveals is that the continuing finfluencer trend in Australia is predominantly driven by milleniial women.

It analysed engement on hashtags like #moneytok, #stocktok and #finance, ultimately finding that finfluencers make up less than 1 per cent of Australian influecers. However, on TikTok #moneytok still has more than 3.8 million views and #stocktok more than 361 million.

The research goes on to explain that both the influencers and their audiences are primarily female – 34 per cent of finfluencers are women aged 25-34 (compared to 16 per cent who are men). 57 per cent of audiences are female, and 44 per cent aged 25-34. 19 per cent were 35-44.

Interesting, finfluencers aged 35-44 were more likely to be men, at 25 per cent.

The research argues that, “the demographic highlights a trend among mostly female consumers wanting to be educated by influencers who look or seem ‘just like them’, who use layman terms and empower them to become financially empowered.”

The finfluencers with the highest reach and level of popularity are:

  • @shesonthemoney

  • @renoforprofit

  • @sugarmamatv

  • @investwithqueenie

  • @the.brokegeneration

  • @brokegirlwealth

Alex Frolov, CEO and Co-Founder, HypeAuditor said, “the finfluencer phenomenon is growing rapidly in Australia, and brands wanting to engage with commercially savvy influencers and communicate with money-conscious consumers are taking advantage of this evolving trend”

“It’s interesting to see this movement driven mostly by millennials, reflecting an ongoing trend of turning to, and trusting online information and sources when making significant life decisions or going through major milestones such as buying a first home, investing in shares for the first time, or re-assessing the best superannuation options. Finfluencers are stepping in where traditional financial institutions or more established enterprises have historically made this information challenging to navigate and action.”

“Amid the rise of the finfluencer, consumers and brands need to practice caution when translating online content into actionable financial advice. While many finfluencers in Australia have a strong finance background, not all are qualified to provide financial advice.”

“For finfluencers with a strong and highly engaged audience, it could become challenging for their audience to know the difference between a finfluencer’s observation or piece of advice for a specific scenario, and their advice for the follower themselves. With more finfluencers joining the scene, brands will need to stay vigilant in determining the most relevant and reliable finfluencers to partner with, and consumers will need to exercise caution analysing financial advice.”

Please login with linkedin to comment

financial influencers finfluencers HypeAudit influencers millenialls

Latest News

QUT Business School Launches “Make it Real” Via BCM Group
  • Campaigns

QUT Business School Launches “Make it Real” Via BCM Group

Queensland University of Technology (QUT) Business School has launched a new brand platform, developed by BCM Group, built to encourage prospective students to upskill, invest in themselves, and nurture their inner entrepreneur.

Making A Name For Your Brand In A New Market: Tips For Launching A Campaign Globally
  • Opinion

Making A Name For Your Brand In A New Market: Tips For Launching A Campaign Globally

Jacqueline Gonzales [featured image] is the Head of Global Marketing at Squarespace. In this piece, she shares her best pieces of advice for launching a campaign globally. It’s estimated that we see between 6,000 to 10,000 ads every single day. In today’s digital landscape we’re constantly bombarded by so many different brand messages from every […]

Opinion

by B&T Magazine

B&T Magazine
Acast Announces New Podcast ‘The Elements’
  • Media

Acast Announces New Podcast ‘The Elements’

From the audio producer of The Teacher’s Pet comes The Elements, a new Acast Creator Network podcast hosted by Thredbo survivor Stuart Diver. The Elements is a  podcast that journeys into the heart of surviving a natural disaster and will be hosted and distributed by the creator-first podcast company Acast as part of the Acast Creator […]