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Young investors are becoming popular finance influencers.

Aug 30 2021

Young investors are becoming popular finance influencers. Interest in investing is growing among Gen Z and Millennials, and according to Robinhood Financial LLC (a popular choice for mobile investing among young people), accounts grew from 7.2 million in March of 2020 to 18 million a year later. Along the way, a slew of Gen Z and Millennials who are establishing themselves as “finfluencers” took their knowledge of investing to social media to share free tips: MeetKevin is a YouTube influencer with 1.7 million subscribers who livestreams for several hours, talking about the stock market and offering rapid-fire investing advice; Jack Spencer has 94,000 YouTube subscribers and interviewes startup CEOs wearing a shirt that reads, “Not A Financial Advisor”; and Tori Dunlap on TikTok shares tips for starting a “side hustle” with her 1.7 million followers while helping women build confidence for managing their own investments. While these young finfluencers typically have no formal training as financial advisors and no background in professional investing, they’re building online communities based on their learned experiences with managing their own investments. A longtime viewer of MeetKevin notes, “If I were to walk into JPMorgan tomorrow, they have the bias of trying to earn my business, and they might be trying to oversell me…guys online don’t really have anything they’re trying to sell me.” YPulse’s fintech research shows that 54% of young consumers say actively trading stocks is the best way to make money, and finfluencers are emerging as a source they’re going to for candid investing advice. (WSJ)