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Social Media Influencers Are Impacting Financial Decisions

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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.

Related: Gen Z is the Newest Generation of Investors Leaning Toward Automated Investing Advice

 

 

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