Germans Express Skepticism Toward the Finnish Central Bank, Opting for Trust in Giro and Day-to-Day Currency Use Instead
In a recent survey conducted by YouGov for Postbank, it was revealed that more than three-quarters (77.6%) of respondents express skepticism or disapproval regarding Finfluencers as important sources of financial information. This finding comes as the financial supervisory authority Bafin issues a warning about false or partially incorrect representations in social networks.
Thomas Brosch, head of digital sales at Postbank, echoed this sentiment, stating, "Likes and followers are not a guarantee of quality." The survey results indicate that many Germans are wary of relying on Finfluencers for financial advice, with 26.7% of respondents admitting to not seeking any information about finances at all.
However, the survey also highlighted that there are good information offerings and serious advice in social networks. It's crucial to approach these platforms with caution, as Marc Tüngler, CEO of the German Shareholder Protection Association (DSW), advises conducting a thorough background check on self-proclaimed financial experts on the internet.
The survey further revealed that stock funds and ETFs were the first choice for 10.4% of respondents, closely followed by self-used real estate (10.2%). When asked where the majority of their savings are kept, the checking account emerged as the most named (19.6%), followed by savings accounts (18.5%), and cash at home or in a safe (5.1%).
Interestingly, the younger the respondents, the more likely they are to value Finfluencers as important sources of information. For example, 29.6% of 18- to 24-year-olds find Finfluencers important, compared to 8.5% of 45- to 54-year-olds and only 3.2% of those over 55.
The Finance Summit, scheduled for Wednesday, September 17, in Berlin, provides an opportunity for individuals seeking financial advice to learn from experts in the field. A discount code, BI2025, can be used to save 40 euros on a ticket through a specific link.
In conclusion, while social media platforms can be a valuable source of financial information, it's essential to approach them with caution and to verify the credibility of the sources. As Bafin warns, 'likes and followers' are not a seal of approval, and it's important to be discerning when receiving financial advice from Finfluencers.
