Social Media Influencers Are Impacting Financial Decisions

We know that digital matters when it comes to Americans managing their finances . According to our fall wave of the Logica Future of Money Study, social media influencers have clout when it comes to Americans’ financial lives.Fifty-eight percent (58%) of Americans follow some type of social media influencer – 37% have made a purchase, and 19% have made a financial decision based on a social media influencer. Gender also comes into play with the amount of financial sway an influencer has. Men are more likely than women to have made a financial decision because of a social media influencer (24% vs. 15% of women). Younger generations, both Gen Z (88%) and Millennials (73%) are more likely to follow a social media influencer than older generations (Gen X 63%; Boomers 41%). When it comes to platform, Americans are most likely to follow social media influencers on Facebook (42%), YouTube (36%), or Instagram (28%). Platform matters. As we head into 2020, it’s a good time to take a look at your path to purchase and the role of digital.

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