Should I open a savings account or a share portfolio? What is the best way to use and grow money? And what is crypto or trading actually all about? When it comes to money, many people are at a loss – and are grateful for tips that are quick and easy to understand on social media. This is exactly where so-called finfluencers come in.
What do finfluencers actually do?
They are called “Finanztipp”, “Professor Finanzen” or “Immo Tommy”. On their profiles, they pose with expensive watches, fancy cars or luxurious trips – and explain how they claim to have achieved all of this through clever investments. The mix of glamor and advice makes them attractive to many.
Finfluencers – also known as financial fluencers – explain how to invest, save or trade and provide insights into cryptocurrencies or stock markets. The narrative is often personal – from “rags to riches”. The stories inspire confidence and appear approachable.
Who is actually advising us?
Financial advice online is booming – and not all offers are the same. A look at some reputable German finfluencers shows the diversity of approaches:
- Financial flowSince 2016, Thomas Kehl and Arno Krieger have been explaining how to invest money, primarily on YouTube. Around 1.5 million people now follow them. In addition to the videos on YouTube, they also offer their tips with around 30 employees via other social media, their website and their own book. Founder Thomas Kehl is an investment banker and has a lot of experience, so the service is considered reputable.
- Understandable knowledge, especially for women, is the goal of the financial heroines. A team from the Commerzbank Group is behind the service, which provides information on finance, investments, salaries and starting a business. The content appears primarily in a podcast in which various people are interviewed on financial topics, but also on the website, in apps, books and training plans.
- Lisa Osada deals with Stockgram specifically on the topic of shares. Since 2020, she has been explaining how stock markets work, giving specific investment tips and sharing her own experiences on her blog and Instagram channel.
What fascinates children and young people about it?
Older children and young people usually have little experience with their own money. As they get older, however, the importance of pocket money, part-time jobs or their first major purchases grows.
Young people looking for tips and strategies often come across finfluencers online. They can be reached with one click, often present themselves in a very approachable and appealing way and seem to speak directly from their own lives. This often makes them more tangible and appealing to young people than bank advisors, for example, who are more difficult to reach and often more formal.
The influencers’ tips sound simple and the results seem easy to achieve. The promised results – your own millions, vacations, luxury – seem particularly tempting. At the same time, finfluencers often serve as role models: Young people are guided by their financial decisions, strategies and successes and thus learn how to handle money – consciously or unconsciously.
What can be problematic?
But even here – in the truest sense of the word – not all that glitters is gold.
- Lack of qualification: Financial expert is not a protected term. Anyone can call themselves one, and many people use it online.
- Unrealistic promises: Many tips sound too good to be true. Apparently simple and quick tips are given that don’t work in practice.
- Interests: Some influencers earn money from their own products andadvertising contracts – while their followers pay for these offers without benefiting financially themselves.
- Risk of loss: Getting rich quick rarely works – in the worst case, young people lose money.
What parents should pay attention
Young people easily come across finfluencers online. So that they can better classify offers, it helps to take a look together:
- Check critically: Pay attention to sources and backgrounds rather than just follower numbers. Does the person have any training or experience? Are there any reputable reviews about them?
- Strengthen skepticism: Discuss that promises of get-rich-quick schemes are usually unrealistic.
- Draw comparisons: Is the advertised investment strategy also recommended by other providers (e.g. consumer advice center)?
- Address transparency: Do influencers make it clear when they are advertising?
- Keep an open mind: Ask which tips your child finds exciting and categorize them together.
