Influencers appeared, grew and quickly became one of the great obsessions of brands, who dedicated their social media budgets to them and who invested in campaigns using them as a platform. As soon as influencers became social media stars, specialization also began. Kidfluencers, pet influencers or micro-influencers appeared, as well as, something to be expected, all the divisions in terms of thematic areas.
Influencers do not present themselves – except for the great celebrities of the network – as stars who know everything, but rather they are profiled as experts in specific areas. They talk about books, fashion, travel or motherhood. They are accounts about yoga or about makeup. And they also give financial advice.
Those are the so-called finfluencers. Influencers specialized in finance issues have been growing in the market and establishing positions. Interestingly, TikTok has been the key social network for its expansion. Its existence intersects with everyone who talks about cryptocurrencies on social media, but it also has its own popular hashtags, such as #FinTok or #stocktock. As explained in The Guardian they give advice on investments, budgets, taxes or debt, although with varying degrees of knowledge (and in some cases questionable).
In addition to TikTok, they are also on YouTube and Instagram. Some market regulators have already shown concern about what they promote and transmit (many times they are talking about financial products that are very risky, for example, without making it clear), but that has not prevented their presence from growing and, above all, that its appeal to brands is increasing.
How much they earn: a lot of money
Are these the highest paid influencers in the world? That is what could be concluded by looking at the figures that Bloomberg manages on how much money these influencers are making. The economic environment itself already makes it clear: the most popular are earning more than Wall Street professionals. According to Bloomberg , these finfluencers succeed because they are able to easily explain complex concepts and summarize them in “digestible” videos that include music, colorful lyrics and plot hits.
They are speaking to Generation Z in their language. And that is what companies in the finance universe are interested in, because the Z are a market that they were losing. Some of those influencers are already asking for between $ 4,500 and $ 8,000 per update on TikTok, although they also have bonuses for affiliate marketing. Accounts that aren’t as popular don’t score that high, but they’re not bad either. The price range oscillates in amounts depending on the number of followers and influence.
An ad in an Instagram story costs between $ 100 and $ 1,500 and a post on that social network costs between $ 1,000 and $ 10,000. Videos on TikTok are paid at $ 2,500 to $ 20,000 and not only the number of followers but also the virality is taken into account.
A finfluencer who worked in finance has already left his job: in statements to the economic newspaper, he acknowledges that he already makes more than $ 500,000 with his work as a finance influencer. In addition, within the universe of these influencers, there are already more surprising market niches and divisions. By existing, there are even those who give financial advice based on astrology.