Financial literacy is something that most people shun for as long as they possibly can. In the Asian Context (let alone Singapore), money and assets are sensitive topics. Think about when you go for a one-a-year family gathering, how many of your relatives are flexing their latest car purchase or house. Closer to your palm, just notice how many people are Instagramming their branded loot. No hate though. You worked hard for it.
When the pandemic wave stayed longer than intended, everyone realised how financially illiterate we are. Most of us were living paycheck to paycheck. When jobs were lost, suddenly, our world stopped. We could no longer afford our daily Americano. It was also about then, that people wanted to be financially savvy. Suddenly, Tom from the university was updating his stories about some of the investments he made.
While social media and the finance industry seem to be disconnected, technology (and the pandemic) has made the link. As modern people, we like to consume our information from our 2-thousand dollars iPhones. They are quick, accessible and visually adapted to our pleasure.
So remember Tom from University? Suddenly he became my opinion leader in what sort of investment I should be making. He is my age, has proof as to if his investments are sound, and he knows a guy that knows another guy that will assist me in my first step.
Who exactly is Tom?
“Tom” is who we will all know as the Personal Investment Influencer “finfluencer”. Loosely defined, Tom shares general tips on finances and money. They are updated with the latest information from stocks, and passive income, to money management. Finfluencers are likely to hold financial positions in their career or have established themselves through their past experience.
Credits: @kiminpei
Similar to Finfluencers, Investment influencers in Singapore focus largely on accumulating wealth. They are you “double or double” guy that believes fortune favours the bold.
Credit: @chipster_wes
As the name suggests, they trade. In today’s terms, they are your crypto investors that believe in the long haul of trading. While their decisions could be sometimes seen as questionable because of the high-risk involvement, they are extremely well-informed of the potential pitfalls and believes in holding out.
One example is @honeymoneysg who is famed on YouTube and Telegram and currently building his Instagram empire.
They believe (more) in people. Their investment is in ideas and humans. Their posts generally sound inspirational. Always out and about meeting people, this group of influencers have no lack of acquaintances and likely co-own several businesses.
So how does this relate back to the social media influence? It is simple. Finfluencers function on the basis that they can see your long-term objectives and whether they align with theirs. In short, these influencers are more niche than your average niche specialisation even though, they speak on necessities. They are goal-orientated and likely, short-term benefits are not their cup of tea. Meaning to say, Finfluencers look at the value of working with you as opposed to the norm. They are more concerned with the potential a brand has as compared to a fully established and mature brand that likely, does nothing to further ground their credibility.
While Finfluencers serve quite a generic demographic of followers of different ages, their audience is with them for a very specific service and content. They talk business, want opportunities and value optimisation. They look at longevity VS a 1-hit wonder and evaluate their options thoroughly.
Finfluencers might not get you the quantity-type of awareness a brand is seeking, but quality reigns here. With them, it is a lot about alignment in visions and core values. They serve a particular niche and their word holds a substantial authority in their industry. Therefore, it is not about working with a Finfluencer, but entering a partnership with them.