Finfluencers are an important source of information on financial matters on social media. However, consumers should always remain aware of the risks and conflicts of interest that exist.
For many consumers – and not in any way only the young – finfluencers have become an important source of information for financial matters. Their easily accessible approach and convivial presentation style allow them to reach a lot of people on an important topic. The Austrian Financial Market Authority (FMA) urges consumers to maintain a critical view and to inform themselves about the finfluencers’ qualifications and potential conflicts of interest. The latest edition of Let’s talk about money, the FMA’s publication for consumers deals with this issue.
Before you follow a tip from finfluencers, you should check who is behind the recommendations, and the relevant education and experience he/she holds. You should in particular question the qualification of hosts of paying workshops or coaching sessions. It is also important to question whether a finfluencer has a financial interest in selling the products they recommend, such as due to affiliate marketing. Beware of fraud methods – “finfluencer” is not a protected designation – and some with fraudulent intentions circulate among their ranks. Consumers should question the risks and credibility about promises of profits – as they would with other investment tips.
The new edition of “Let’s talk about money” on finfluencers can be found under the following link: https://redenwiruebergeld.fma.gv.at/en/finfluencers-likes-instead-of-licences/
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