Finfluencer – The financial experts on social media
Posted 15 Nov 2022
Social media has reached all areas of life, and it is impossible to imagine our everyday lives without it. There is an influencer giving their opinion on almost every topic. A new phenomenon are the finfluencers – people who discuss the function of finance on social media. What constitutes a finfluencer, what are the advantages and what how can you imagine the concrete work of a finfluencer, we explain in this article.
The term finfluencer is a compound of the expressions finance and influencer. Finfluencers therefore deal with the financial sector on social media. Via videos or texts, they explain topics from banking, tax and insurance and answer questions about investments and financial assets. On platforms such as Instagram, YouTube, TikTok, Twitter or LinkedIn, processes that are difficult to understand are summarized concisely and often with a lot of humor in short videos and presented without technical jargon. In this way, Finfluencers bring even the inexperienced closer to the pitfalls of the financial world in a handy format.
Since finance is a sensitive topic in society, there are special requirements for Finfluencers. In addition to the interest that every influencer should have in their field, a finfluencer must also be able to score points with a suitable education or degree in finance. This makes the content and the person behind it authentic and is a sign of actual expertise in finance.
Due to their presence in social media and the group-specific preparation of the videos and texts, Finfluencers are a household name, especially among the younger generation. Supposedly “boring” and “dry” topics such as tax returns or investments are explained in a funny format and appeal to many young people. Just how many people Finfluencers reach can be seen from their rising follower numbers. Financial providers in particular can benefit from this new niche. Finfluencers have a financially enthusiastic audience that is also interested in financial products that require explanation. This presents a new opportunity for collaboration with finfluencers, especially since influencers who have already built up thematic expertise in an area also have a greater influence on purchasing decisions here.
There are some German Finfluencers who deal with topics such as taxes, insurance, stocks and investments. One of them is Fabian Walter, who runs the largest channel for German tax law under the account @steuerfabi. He has more than 700,000 followers on TikTok and 299,000 on Instagram. Fabian Walter studied business administration and specialized in taxes during his studies. He worked for several years in a tax firm and was responsible for the specialist database for tax consultants. Today, he runs his own company, which aims to make Germany fit for the tax challenges ahead. With this expertise and a good dose of humor, he was able to win over his subscribers. In his TikToks, he answers tax-related questions in under a minute. Whether he calculates how much the employer pays in social security contributions for his employee, shows which salary increase is most worthwhile for whom, or explains how much you actually save by buying a company car – the whole range of tax issues is addressed.
Finfluencers are a promising way to acquire knowledge about finance without major hurdles. Especially when it comes to money, it is important to have an overview of one’s finances and to understand one’s own situation. Finfluencers can be helpful in this regard. Nevertheless, you should not only rely on Finfluencers on the Internet, but also consult a personal advisor when making big decisions.
Do you want to start a Finfluencer campaign, or are you looking for financial experts with digital influence for your corporate communications?
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Jana Schröder has been supporting HBI as a working student since September 2022. Jana assists the PR teams with everyday tasks and takes on additional areas of responsibility and incidental activities.
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