Finfluencers on the rise: 15% of Dutch investors follow Social Media advice
In October 2024, Motivaction published an article titled "‘Finfluencers on the rise: 15% of Dutch investors follow social media advice," discussing the growing influence of financial influencers, or 'finfluencers,' on social media. These individuals offer personal finance tips, sometimes sponsored by companies. While some provide cautious advice, others promise quick profits and substantial returns. Unlike traditional financial institutions bound by strict regulations, finfluencers often operate with minimal oversight, leaving followers to assess risks independently.
Finfluencers are gaining ground
Finfluencers are becoming increasingly visible to the Dutch public. A quarter of Dutch individuals have encountered financial advice on social media, either by seeking it out or receiving it from others. However, only 5% of the Dutch population finds advice from (financial) influencers credible, preferring guidance from financial experts, accountants, and even family and friends.
Notably, 15% of Dutch people have invested money based on financial advice obtained through social media, such as in cryptocurrencies or stocks. Despite general skepticism, finfluencers manage to persuade a segment of the population to act on their recommendations.
Fintality: Who is susceptible to Finfluencers?
Motivaction's Fintality model identifies five groups based on attitudes and behaviors toward money. Understanding which groups are more susceptible to finfluencers helps in guiding those who might be prone to risky financial decisions promoted by some finfluencers.
Ambitious Actives are susceptible to Finfluencers
Among the groups, Ambitious Actives—both spenders and savers—are most influenced by finfluencers. They often follow multiple finfluencers for various financial inquiries, ranging from budgeting and saving to riskier activities like investing and online gambling.
This group tends to underestimate the risks associated with finfluencer advice, believing that finfluencers are transparent about their financial situations and the potential risks involved. Predominantly men aged 18 to 35, Ambitious Actives are more likely to invest in products and services promoted by finfluencers.
Despite this, they also seek financial advice from traditional sources such as financial institutions, experts, family, and friends, indicating they do not rely solely on finfluencers for financial decisions.
Voluntary Simplifiers and Financial Intellectuals perceive more risks
Finfluencers are less popular among Voluntary Simplifiers and Financial Intellectuals. These groups rarely follow finfluencers or seek financial advice via social media, viewing such advice as unrealistic and distrusting the transparency of finfluencers regarding potential risks.
The skepticism stems from differing core values. Voluntary Simplifiers place little importance on money and prefer to spend minimal time on financial matters, finding little value in advice from financial experts or finfluencers. In contrast, Financial Intellectuals take finances seriously and do not consider finfluencers as credible sources, preferring advice from established financial institutions like banks or accountants.
The future of Finfluencers
Finfluencers are gaining popularity in the Netherlands, especially among Ambitious Actives who view them as trustworthy sources of financial advice, often underestimating the associated risks. The question remains whether finfluencers will influence a broader audience in the future. Therefore, it's crucial for financial institutions to continue educating the public about the unrealistic promises some finfluencers make and the financial risks involved.



