A growing number of Australians are taking advice on how to spend, save and invest their money from online personalities, according to new research by Finder.
A Finder survey of 1,063 respondents revealed 30% of Aussies – equivalent to 6 million people – now turn to social media creators for money guidance.
Not surprisingly – it’s young Australians who are most influenced – with a whopping 48% of gen Z taking action on their finances following guidance from a creator, compared to 17% of gen X.
Finder announced its list of Financial Figures of 2024, highlighting some of its favourite leading figures in the financial space alongside their top money saving tip.
Jessica Irvine, Canna Campbell and Joel Gibson are just a few of Australia’s most loved and respected social media personalities motivating people to get on top of their finances.
Chris Kohler, Queenie Tan, and Natasha Etschmann also made the coveted list of identities helping to boost Aussie’s bottom dollar.
Taylor Blackburn, personal finance expert at Finder, said finance creators are helping to improve financial literacy in Australia.
“From tips on how to save money at the checkout to how to get out of credit card debt, financial figures are inspiring a new generation.
“Social media may provide individuals with knowledge that was once out of their reach, empowering them to improve their financial future.”
The research found 13% of Aussies have been encouraged by a social media personality to save more money, while 9% were inspired to create a budget.
Almost 1 in 10 (9%) reduced their spending, while 8% decided to start a side hustle.
Investing in shares or cryptocurrency (5%) and finding a better deal on utilities or insurances (4%) were other actions inspired by the guidance of a financial figure.
Blackburn said money talk is less taboo than it used to be.
“Millions are taking action as a direct result of advice they received on social media, but it’s still important to do your own research.
“What applies to one person may not apply to another so it’s important to check the experience and qualifications of people who supply financial advice on social media,” Blackburn said.
