As digital platforms continue to influence various aspects of daily life, a recent study unveils a significant trend in Australians seeking money advice from online creators.
With 30% of Aussies turning to social media for financial guidance, Finder’s research highlights the growing impact of digital personalities on money management habits.
The survey, conducted among 1,063 respondents, showcases a notable demographic pattern, with young Australians being the most receptive to online financial advice.
A staggering 48% of Gen Z individuals have taken concrete steps towards managing their finances based on recommendations from online creators, compared to 17% of Gen X.
Key influencers
Finder’s 2024 Financial Figures list, released alongside the survey results, spotlights key influencers in the financial realm who have captivated audiences with their insightful advice.
Among the recognized personalities are Jessica Irvine, Canna Campbell, and Joel Gibson, renowned for their expertise in guiding individuals towards financial empowerment.
Chris Kohler, Queenie Tan, and Natasha Etschmann are also celebrated figures on the list, known for their contributions to enhancing Australians’ financial literacy through digital platforms.
Taylor Blackburn, a personal finance expert at Finder, emphasizes the transformative role of finance creators in enhancing financial awareness across Australia. “From practical tips on saving money to strategies for overcoming debt, these online figures are inspiring a new wave of financial literacy among Australians,” Blackburn states.
According to the research findings, the influence of financial personalities extends beyond mere inspiration, as demonstrated by the actions taken by respondents.
Save money
Thirteen percent reported being encouraged to save more money, while 9% were inspired to create a budget. Additionally, 9% reduced their spending, and 8% initiated a side hustle, illustrating the tangible impact of digital advice on financial behavior.
Other actions inspired by online guidance include investing in shares or cryptocurrency (5%) and seeking better deals on utilities or insurance (4%).
While acknowledging the positive influence of online financial advice, Blackburn emphasizes the importance of exercising caution and conducting thorough research.
“While social media platforms provide valuable insights, it’s essential to verify the credentials and experiences of individuals offering financial advice online,” Blackburn advises.
Despite the growing prominence of online financial influencers, the study reveals that a significant portion of Australians (70%) do not pay attention to financial personalities on social media, highlighting the need for continued efforts in promoting financial literacy across all demographics.
As digital platforms continue to shape consumer behavior, the role of online influencers in guiding financial decisions is likely to remain a significant factor in Australia’s financial landscape.
What has a finance social media personality influenced you to do?
– Save more money: 13%
– Create a budget: 9%
– Reduce spending: 9%
– Start a side hustle: 8%
– Invest in shares/crypto: 5%
– Find a better deal on utilities/insurance: 4%
– Ask for a raise: 4%
– Shop around for cheaper petrol: 3%
– Nothing, I don’t pay attention to financial social media personalities: 70%
