Money matters - Are social media influencers useful sources of information on finance?
Talk about bonds, funds, futures and stocks can get confusing, intimidating even. So, when people are perhaps scrambling for information to make sense of all things finance, do they look towards social media influencers for help?
A recent YouGov Surveys: Serviced survey asked consumers across 17 international markets about topics for which they find social media influencers a useful source of information. In earlier pieces, we focussed on topics like travel, fitness and tech.
Although two in five consumers across markets (40%) say they find social media influencers useful for finance information.
Roughly half of all consumers (49%) do not find social media influencers useful for information on finance, while a little over one in ten (11%) aren’t sure.
Let’s now look at data from the individual markets surveyed.
Data from YouGov Surveys: Serviced reveals that consumers in Indonesia (87%), India (76%) and the UAE (71%) are the most likely across all markets to find finance-related information by social media influencers helpful. Nearly three in five Singaporeans (57%) believe the same as well.
At 28% and 26%, Great Britain and the US feature lower down in the list of markets where consumers look at social media influencers as useful sources of finance information.
Swedes are the most likely across markets to disagree - 68% of them say finance information offered by social media influencers is not useful. French (66%) and Spaniards (at 66%) and Danes and Italians (at 65% each) follow Swedes.
More Britons than Americans (58% vs. 54%) say social media influencers aren’t useful when it comes to information on finance. Of those polled, Americans lead (20%) among those who aren’t really sure whether influencers are useful sources or not, for finance, followed by Danes (18%).
Also read:
Information on social media - How useful is influencer advice on travel and media?
Do users find information from social media tech influencers helpful? Nearly three in five do.
Do social media users find fitness and exercise advice by influencers on these platforms useful?
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Methodology: YouGov Surveys: Serviced provide quick survey results from
nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 17 markets with sample sizes varying between 511 and 2051 for each market. All surveys were conducted online in May 2024. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
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