Emplifi, a leading customer engagement platform, recently released a study highlighting the impressive growth of financial influencers on Instagram and YouTube over the past year. The analysis, which spanned from April 2023 to April 2024, revealed that financial influencers—also known as “finfluencers”—saw double the median growth in followers compared to other influencers on these platforms.
Growth on Instagram
According to Emplifi’s data, financial influencers on Instagram achieved a median follower growth of 6%, double the 3% growth experienced by other influencers. Breaking it down further, large financial influencer accounts (with between 100,000 and 1 million followers) saw a staggering 15% median growth. This highlights a significant shift in consumer behavior, as more individuals turn to social media to connect, shop, and learn about financial matters.
“We’ve seen a continued shift in consumer behavior to view social as a place to connect, shop, and learn,” noted Susan Ganeshan, CMO of Emplifi. This trend is particularly pronounced among younger demographics who are increasingly using digital-first approaches to plan their financial futures.
YouTube’s Finfluencer Surge
The growth trend was even more pronounced on YouTube. Financial influencer accounts on the platform experienced a nearly 8% median subscriber growth, compared to almost 4% for other influencers. Notable U.S.-based finfluencer Humphrey Yang, who focuses on personal finance, exemplifies this trend. Yang and his peers are not only growing their audiences more rapidly but are also posting significantly more content. Financial influencers on Instagram posted more than double the number of posts compared to their peers, while those on YouTube posted five times more videos.
Emplifi’s data further indicates that medium-sized financial influencer accounts (50,000 to 100,000 subscribers) on YouTube posted five times more videos than other influencers. Large accounts (100,000 to 1 million subscribers) posted four times more, and extra-large accounts (over 1 million subscribers) posted three times more.
Audience Engagement and Trends
The study also highlighted that financial influencers on YouTube have consistently outpaced other influencers in terms of median video views since the second quarter of 2023. By the second quarter of 2024, financial influencers earned nearly 800 median video views per video, compared to approximately 500 for other influencers. In contrast, financial influencers on Instagram experienced fewer interactions on their posts, with median post interactions declining since mid-April 2023.
Financial influencers have become a vital resource for younger generations. A report from the FINRA Investor Education Foundation and the CFA Institute found that 48% of U.S. Gen Z investors primarily learn about investing and finances through social media. YouTube is the top source for this demographic, with 60% relying on the platform for financial information. For instance, Taylor Price, a Gen Z finance expert, uses her platform to combat financial illiteracy among young people.
Implications for Brands
The findings from Emplifi underscore the significant opportunity for brands in the financial sector to engage with finfluencers. As Ganeshan emphasized, “The primary takeaway for brands in the sector, or any business looking to partner with a financial influencer, is that there are influencer marketing opportunities to broaden your audience and build lasting relationships with consumers. The key is choosing a credible financial influencer whose content and tone align with your brand’s messaging, especially brands wanting to connect with younger audiences.”
In conclusion, the remarkable growth and engagement metrics for financial influencers on Instagram and YouTube demonstrate the rising importance of these content creators. Brands looking to tap into the younger, digital-savvy audience should consider leveraging the influence and reach of finfluencers to connect with and educate potential consumers.
