Finfluencers are on the rise, so are they friend or foe? It’s murky territory

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You’ve all probably heard of influencers on social media. But do you know much about finfluencers?

After taking off in the US, they’ve been gaining popularity in Australia in recent years.

Basically, they’re people who use social media as a platform to share advice on anything from budgeting to buying a house, to investing.

At best, many argue they’re empowering Gen Z, millennials and first-time investors to become financially savvy. After all, financial advisers can cost many thousands of dollars, and we don’t all have that kind of money to spend.

At worst, they’re sometimes accused of spruiking particular products for their own financial gain. And that means that when you’re scrolling through Instagram or Tik Tok, you’re getting financial tips that aren’t necessarily in your best interests.

So why are we even talking about this?

Well, the laws around providing unlicensed financial advice are murky and recently there have been calls…

Read full article at www.abc.net.au