The figures show that searches are on the rise for useful and simple information on social networks and online communities. 71 percent of centennials and millennials appreciate financial information coming from someone like themselves, compared to 48 percent of the Baby Boomer generation (those born in the 1950s and 1960s), New Morning Consult reports. In addition, another survey published by the financial advice firm MagnifyMoney Advisor in January 2021, found that nearly 60 percent of investors under the age of 40 belong to investment communities or forums, and 46 percent had turned to social networks for information on investments in the previous month (by order of preference to YouTube, TikTok, Instagram, Twitter, Facebook groups and Reddit).

Transparency regarding risks

‘Finfluencers’ profit from these visits to their digital profiles, either by monetizing views of their channels, selling investment courses through sponsorships or by introducing promotional content. The transparency problems start when they do not indicate…

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