The pandemic and subsequent lockdown, coupled with an increase in foreign investment by foreign investors, pretty much changed the financial landscape in India. With increased dependence on tech, the fintech sector rose to prominence. Everything, from grocery shopping to assessing investments and payments were getting digitized. Many startups and influencers were making the most of that time and were using it to their benefit.
Financial education since then has not just become important but also easy and pertinent. And also, gone are the days when a degree in finance was a measure of financial know-how. Today, people want more relatable and reliable sources who are better off at explaining and living their financial knowledge.
Thus, the rise of finfluencers! This has highly benefitted people, especially those who were wary of financial knowledge and products.
Let’s take a look at what factors are prompting this change.
1. Mental shift during the pandemic
The pandemic has made many of us realize the true value of money in a lot many ways. Of there’s anything that people are now assigning importance the most to is- health and money. This pandemic has helped people realize the importance of having multiple sources of income, and also the need to utilize finances wisely. Thus, hearing tips and tricks or getting pertinent information from financial influencers’ have really helped a lot of people to avoid making mistakes and investing money correctly.
2. Skipping technical terms
Content, when made easy, lucid and relatable is bound to attract more viewers. Technical jargon, when used in abundance, can scare of the most interested viewers. And finfluencers with their congeneric language, are converting even the newest people on board. Also, people are increasingly becoming financially updated and are no more scared of taking risks. influencers like Sharan Hegde, Anushka Rathod, Jay Kapoor, who are just normal everyday people who are talking blanket language and educating viewers.
3. Education
With solutions to everything available online, people are better financially educated than before. With so many courses and content available online for the same, anyone, be it an artist or even an architect, can make better informed decisions. Online education is doing the needful with influencers like Ankur Warikoo, Rachana Ranade and Varun Malhotra providing comprehensive knowledge about various financial aspects affecting common life.
4. Change in the way of life
In olden days, heads of the family would take calculated decisions related to finance for the entire family. But now, with a paradigm shift, the younger generation looks forward to invest their money in long-term schemes and programs too. Women, who initially were not much involved in financial decision-making, are now investing on their own. These lifestyle changes too have prompted the increase of financial knowledge and finfluencers are a good source of advice for them.
Finfluencers’ are contributing towards changing the financial scenario step by step, and making people more financially sound. One absolutely cannot sideline their work towards making us financially literate in this era of technolgy.
