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Time to regulate influencers who tell you where to put your money
Financial scandals elsewhere have shown that ‘finfluencers’ do not always act in good faith and can mislead their followers.
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The digital age has opened up more avenues for "financial influencers" to drive changes and reshape how younger people acquire financial knowledge.
PHOTO: PEXELS
Patricia Lui
For financial management, the baby boomer and Gen X generations relied on bankers and brokers. The digital age has opened up more avenues for a new breed of individuals, known as “financial influencers”, to drive changes and reshape how younger people acquire financial knowledge and manage their finances.
This is an exciting development, but also a worrying one. It makes it easy for anyone to acquire financial knowledge from anyone else, but these “finfluencers” shoulder very little accountability for the advice they dish out.
