In the tenth episode of a podcast dedicated to investment, saving, and finance, the discussion focused on how to organize finances when margins are tight. An important recommendation was to be cautious when receiving advice from 'finfluencers' who promote their own courses, as some may turn out to be fraudulent services that ask for upfront payments without providing quality or non-existent services.
Young people are increasingly likely to seek information and advice on personal finance on social media, where some personalities with numerous followers promote risky financial products. The lack of saving capacity of nearly 50% of Spaniards aged 18 to 35 was also mentioned.
It is crucial to keep in mind that high-risk products are not suitable for all types of investors, as authorized entities conduct personalized assessments before making recommendations, something that does not happen on social media. The transparency and regulation of financial recommendations from finfluencers were highlighted, emphasizing the importance of understanding the interests behind these recommendations.
The case of Kim Kardashian, sanctioned by the SEC for influencing the price of a cryptocurrency, was mentioned. In a later episode of the podcast 'Economy for Gen Z', this topic was discussed with Isabel Oliver, financial education coordinator at the CNMV, who stressed that the number of followers does not guarantee the reliability of a financial influencer.
Moreover, a warning was issued regarding investment recommendations that finfluencers may offer, reminding that they are regulated by rules against market abuse. It is essential to analyze who is behind social media and their interests when receiving financial advice. The importance of finfluencers clearly indicating when they have been paid for their posts was also emphasized.
