The finding: Gen Z’s reliance on finfluencers is no accident—these creators’ content meets young consumers’ specific needs and preferences, such as being so easy to consume that it allows them to continue multitasking while viewing it.

• That’s according to a new report published last month by the CFA Institute's Research and Policy Center.

The fun factor: A significant number of Gen Zers view investing as a hobby—they enjoy hands-on involvement in the experience and like to watch the numbers grow.

• Survey respondents consistently reported watching finfluencer content in their free time. They’ve curated content through repeated engagement, follows, and subscriptions on social media channels, and it’s truly entertaining for them to tune in and watch later, while they’re unwinding.
• Gen Zers would rather get advice scrolling through their favorite bite-sized videos while potentially multitasking—rather than setting aside the time for an in-person appointment with an adviser.
• This corresponds with young consumers’ communication preferences. They don’t want to commit their entire bandwidth to a phone or in-person conversation, and prefer methods like texting, instant messaging, emails, and social media instead. 

The trust factor: These content creators have also built trust with their audiences over time, while Gen Zers remain skeptical of formal advisers.

• Young investors view financial advisers as “expensive” while they also value the accessibility of free finfluencer advice that’s not paywalled.
• Gen Zers also rely on finfluencer disclosures to let them know when there’s a financial motivation behind certain advice, even though only one platform allows users to report if they suspect a creator hasn’t disclosed a conflict of interest.
• However, many Gen Z survey respondents didn’t trust financial advisers to disclose their conflicts of interest.

Strategy recommendation: When “finfluenced” Gen Zers were asked about what would make them consider switching to a professional financial advisor, they again cited time. If they no longer had time to participate in their hobby of investing, they’d hand over the reins to a professional.

• The insights from this study are applicable to social media strategies, communication strategies, and mobile/digital experience design.
• When considering how to reach and educate Gen Z customers, give them content and experiences that would allow them to engage partially, while they’re also relaxing, getting a pedi, or sitting in the back of a ride share. 
• And since they view certain aspects of banking as a hobby, the content’s tone should be informal and entertaining, rather than educational—even if the purpose is improving their financial literacy.

For a deep dive into the world of financial influencers, read this next.