4 New Year, New You Financial & Legal Resolutions


social media influencer. Tere are posts about deposit-free mortgages, explanations of compound interest, pros and cons of using credit cards, and must-read finance books. Hardly natural subjects for lip-syncing music videos and viral-ready pictures. Kia, who runs the Pennies to


Pounds blog and Instagram accounts, is one of a growing number of financial influencers: content creators who dish out spending, saving and investment advice online. Tese ‘finfluencers’ have become a social media staple, with a recent survey from advisory firm Deloitte finding 25% of 18 to 24 year-old banking customers in the UK use social media for financial guidance. Some finfluencers say they’re just


filling the gaps in financial literacy. “If from secondary-school age, young people were taught about things like saving, budgeting, credit and debt, I don’t think we’d see anywhere near as many people who struggle with money as we do,” Kia says. “APR, interest, gross income, net income, PAYE are terms that aren’t explained well enough to the average person.” But it’s a foggy industry. Many


finfluencers have no formal training


Rise of the ‘finfluencer’ S


crolling through Kia Commodore’s Instagram, you won’t find the sort of content you might expect from a


or professional finance experience. And while some stick to basic budgeting advice, others promote substantial investment schemes that carry great risk. It’s common for finfluencers to make money by selling personal coaching sessions, online courses and books, or by promoting a cryptocurrency. Others earn commission on pushing third-party products, such as trading platforms, to their followers, or from fees for spotlighting company stocks. “Te problem here is that we always


have a conflict of interest,” says Felix Pflücke, a lecturer in law at the University of Oxford who’s researched financial influencers. Sponsored content is naturally biased, and even creators more focused on financial education have an incentive to post content that’s designed to lure in viewers and gain followers. Some creators may unwittingly


offer poor advice, simply because they lack sufficient financial knowledge. In 2022, the Financial Conduct Authority ordered investment app Freetrade to remove paid-for social media posts after it found one video gave “misleading” information to “vulnerable or indebted consumers”. Inexpert advice is still common,


though some creators are at least taking up formal training. “By studying and sitting exams, I think


Promotional Content • Saturday 6th January 2024


Here’s why you should take caution when listening to online influencers. Words: Callum Baines


you gain a better understanding, especially of the more technical areas in personal finance such as pensions and investing,” says Amy Ward, creator of Instagram page Amy’s Budgeting, who’s studying for a diploma in financial planning. “I feel that the knowledge gained from these exams is invaluable and helps massively when producing content.” But sorting bogus and unscrupulous


advice from the genuinely useful isn’t easy. Ben Marder, senior lecturer in marketing at University of Edinburgh Business School says it’s important to double-check finfluencers’ claims. “Te normal way you would work


out whether a person’s information is credible is still there,” says Ben. “But the difference here is that you’re not judging the language and the display of information like you normally would with a bank. So here you’re trying to work out: is this person competent in explaining this stuff, do they have a background?” Felix suggests social media users


are best to use common sense, though questions where people would usually expect to get genuinely impartial guidance. “Will you get objective advice when you go to your local Barclays branch? Probably not.” Advice on handling your savings


may be more readily available, then, but no less difficult to wade through.


Financial influencer PHOTOGRAPH: GETTY


Bilal Farooq’s secrets for success


B


ilal Farooq is the guiding force behind the award-win- ning Greystone Solicitors.


His journey from youthful ambition to ownership of a thriving business encapsulates a narrative of passion, resilience and a commitment


to


turning challenges into stepping stones. Te milestones celebrated and setbacks embraced underscore his strength of character and the relent- less pursuit of dreams. To achieve success in the competitive


landscape, Bilal emphasises several key practices. A clear-cut business strategy with attainable objectives


forms the


foundation, coupled with robust finan- cial management and vigilant cash- flow oversight. Additionally, fostering a proficient and motivated team in a positive work environment boosts overall productivity. Embracing tech- nology for efficiency and adaptability to market shifts is, of course, paramount, alongside prioritising client satisfaction through exceptional service. Effective marketing and branding strategies attract and retain clients, and contin- uous evaluation and adjustment of strat- egies ensures sustained success.


Get the legal help you need for free. Join Greystone Solicitors on Fridays for free legal advice T: 01582 343453 E: info@greystonesolicitors.co.uk Greystone Solicitors, 275 Dunstable Road, Luton LU4 8BS


ANNIVERSARY CYCLE RIDE


Join us as we embark on an epic cycle challenge to Northern France to pay respects to those who fought and fell on D-Day.


Learn more about the extraordinary events of June 1944 as we pass the beaches the Allied Forces stormed 80 years ago.


5–9 June 2024 3 days cycling D-DAY


Registered as a charity in England and Wales Number 210760, in Scotland Number SC038056 and in Republic of Ireland Number 20202001. Established 1886.


ssafa.org.uk/dday2024


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