Gen Z & Millennials: Social Media Influencers Impact Financial Decisions 2

We know that digital matters when it comes to Americans managing their finances. According to our fall wave of the Logica Future of Money Study, social media influencers have clout when it comes to Americans’ financial lives.

Fifty-eight percent (58%) of Americans follow some type of social media influencer – 37% have made a purchase, and 19% have made a financial decision based on a social media influencer.  Gender also comes into play with the amount of financial sway an influencer has.  Men are more likely than women to have made a financial decision because of a social media influencer (24% vs. 15% of women).

social median influencers with money

Younger generations, both Gen Z (88%) and Millennials (73%) are more likely to follow a social media influencer than older generations (Gen X 63%; Boomers 41%).  When it comes to platform, Americans are most likely to follow social media influencers on Facebook (42%), YouTube (36%), or Instagram (28%).  Platform matters.

social meedia influencers by generation

As we head into 2020, it’s a good time to take a look at your path to purchase and the role of digital. Let us help.

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