I am your stereotypical Gen Zer.
I have a concerningly high screen time, the ability to quote the most random and niche online references, and, admittedly, I have bought a few questionable gadgets from TikTok Shop. No matter what generation we identify with, we’ve all fallen down that late-night, vegetable-chopping-gadget-shaped rabbit hole, only to regret it the next morning when checking the bank account.
I should be the ideal target audience for finfluencers, but, honestly, they don’t work on me. In fact, I struggle to see how they work for anyone.
Influencers, in general, just don’t resonate with me anymore. Every platform is flooded with people trying to make a living off their content. So many are eager to quit their 9-to-5s and will accept any brand deal or paid ad opportunity to get there. As a result, it’s hard to find anything authentic or genuine in most people’s reviews.
That combined with many influencers promoting one product or service one week, only to never mention it again; the next week, they’re pushing a rival’s product or service. It’s hard to trust the opinions of these people on my screen.
Because of all this, I refuse to buy a £20 makeup product that’s only £10 with some influencer’s discount code.
I don’t trust their opinion. I don’t believe they genuinely back the product, and I doubt they’ve used it enough to offer an honest review. It feels like they’re just trying to sell it to me because they’re getting paid or will earn commission from the sale.
If I don’t trust an influencer to sell me a £10 product, why would I trust a finfluencer to advise me on my more important decisions?
If a stranger on the street recommended an investment platform or savings account to you, you’d probably ignore them. If the same stranger asked you to open an account on one of these platforms and deposit £20 so they could pocket a £5 commission, you’d most definitely ignore them. The same logic applies when I’m scrolling through social media.
Even if they weren’t getting paid, I would never trust a complete stranger, especially one with no qualifications, to be handing out advice on financial products.
It’s great that banks and other financial institutions are trying to engage with younger audiences – we are the customers of the future. I also think it’s fantastic that the industry is moving past the taboo of conversations surrounding money. But we need to remember that, arguably, finances are one of the most important aspects of our lives so, I’m not going to take financial advice from a stranger with no qualifications, just because they’re getting paid to promote one bank account over another.
TikTok being used as a search engine is a trend I’m very much onboard with. But when it comes to choosing a new banking product, I’m far more likely to search “best ISAs” on Google for an article than search on TikTok and rely on a finfluencer’s review. I would rather read something unbiased that highlights the features of accounts, then do my own research to make an informed decision based on my own circumstances.
From an anecdotal straw poll of my Gen Z friends, I’d say they feel the same.
So, instead of spending money on paying finfluencers for promotions, I suggest banks and other financial services providers invest in brand strategy. Amplify brand awareness, deliver exceptional customer service and build a strong brand reputation. When a bank’s name pops up on a search, I want to recognise it as a trusted name with positive word-of-mouth and glowing TrustPilot reviews. That kind of organic growth makes me far more likely to choose it.
In the long run, focusing on these strategies will help banks build lasting relationships with customers, not just quick wins from influencer promotions.
For banks looking to create content, it’s time to move away from relying on finfluencers and focus on offering educational resources like blogs, webinars, and social media posts. Helping customers make informed financial decisions with useful, non-salesy content would build my trust in a bank.
It’s important to get these strategies right because Gen Z, myself included, is starting to manage our own finances—maybe reluctantly, but it’s happening. At this stage, financial decisions really matter, so engaging with us the right way will help build long-term customer loyalty.
Let’s focus on creating quality content and leave the influencers to less important promotions, like showing me a cool gadget to chop onions without making my eyes water.