Social media, Finfluencers and (un)sound financial advice

‘Finfluencers’ or Financial Influencers are social media denizens who, purportedly, simplify complex investment concepts so lay people can use such concepts to invest or speculate. Fin twit on the other hand refers to the collective that discusses all matters financial on Twitter (at least for the moment – the jury is still out on the outcomes of Elon Musk’s overhaul).

Seen as a source of information on everything from body care to setting up savings plans, ‘finfluencers’ have seen a meteoric rise, especially among those under 40 (Gen-Z or Zoomers), with an outsized influence over individual decisions. According to a recent article in World Economic Forum by a founder at qure.finance, a crowd-sourced advice platform, that number is touching $104 billion.