Finfluencers vs financial advisers

Ever taken financial tips from an Instagram post? You’re not alone. Social media has changed the way we learn about money. Finfluencers – financial influencers – are making financial literacy more accessible, especially for younger generations. 

But when it comes to making decisions about your personal finances, like your super, there’s a big difference between general tips and tailored advice. Here’s how to make the best of both. 

Financial influencers are a great starting point for learning. Many are doing great things to simplify complex financial topics and make financial literacy engaging:  

• They share budgeting hacks and savings tips that can help make financial literacy feel less overwhelming.  
• They create communities of like-minded people, where money conversations feel less intimidating. 
• They help make investing easier to understand by using relatable language and real-life examples.   

But when it comes to acting on their tips, it’s important to remember that their content is usually general, not personal. Your own financial situation might be very different to theirs. 

Not all advice is created equal. And while many finfluencers have good intentions, taking their advice comes with risks.  

One issue is that most financial influencers aren’t licensed to give financial advice. Another is that some (not all) earn their money by promoting certain products to their followers. This means that the products they promote may not align with your best interests.   

Your own personal financial situation is unique to you. So general tips and suggestions may not always suit your specific situation. In some instances, acting on this advice could even leave you worse off. 

Licensed financial advisers offer something that social media can’t: personalised guidance. 

If you seek advice from a financial adviser, you’re getting personalised, tailored advice. It’s designed to suit your unique goals, risk profile and circumstances. That’s something a social post just can’t do.  

There are other differences too. Licensed and accredited advisers are registered with ASIC. They’re required to meet strict professional standards. They’re also legally obligated to act in your best interest.  

Professional advice does come at a cost, and the fees will vary depending on your needs. But the right advice can help you make smarter decisions that protect and grow your wealth – often saving you far more than the upfront cost.  

Before you act on any financial advice – whether it’s from a social media post or a profession – take a moment to verify the source.  

Here’s what to look for: 

• Check ASIC’s professional registers search tool  
  Confirm the adviser is licensed and meets regulatory standards. This is your best safeguard against unqualified advice. 
• Look for qualifications and professional memberships 
  Accredited advisers should have recognised qualifications and belong to professional bodies that enforce ethical standards. 
• Assess transparency 
  Check if they’re upfront about their own financial position, and about any payments they might be receiving for promoting certain products. If that information isn’t clear, treat their advice with caution.  

Finfluencers are starting to play an important role in making financial literacy accessible. The best ones are great at breaking down complex concepts, sharing practical tips, and helping younger generations feel more confident talk about money.  

But when it comes to decisions that affect your personal finances, nothing beats expert, personalised advice.   

If you’d like to speak to someone who understands your goals, Hostplus offers licensed financial planners who put your best interests first.