Whether you use it or not, we all know Instagram.
With over 1 billion active users worldwide, the image-sharing platform has firmly established itself as a titan of social media. For many, Instagram is the app of choice when they want to share updates on their own lives, but with the rise of influencers, we’ve increasingly become more invested in other people’s lives too.
Recently, Instagram influencers have added another string to their bow, with the emergence of accounts dedicated entirely to providing visitors with financial guidance. In an article published last week in the Financial Times, Katharine Gemmell shed a light on the “Instagram generation”, who are increasingly turning to the platform for help with their money.
Financial influencers often share their own experiences with money, whether it’s paying off debt or saving more. Like a lot of influencers, they use bright colours and catchy slogans to grab attention, but the underlying message is clear - promoting financial wellbeing.
The appetite for monetary enlightenment is clearly there, and perhaps the pensions industry could learn a thing or two from Instagram. We know that young people aren’t saving enough into their pensions, and without substantial financial education in schools, they’re not getting the help they need to make informed decisions for their future. The industry needs to adapt how we reach audiences. If people are turning to Instagram looking for information, we should be there to answer.
The diversification of Instagram’s features in recent years means that there are an abundance of ways we can use the platform to communicate. IG TV, for example, allows you to upload videos to a dedicated section on your profile - the perfect space for building a bank of educational clips that your audience can watch at their leisure. With Stories, you can ask questions or conduct polls, so your viewers can engage directly with the content you create.
The audiences for financial advice are indisputably there on Instagram; one of the accounts Gemmell mentions in her article - @clevergirlfinance - has almost 250,000 followers, and that looks set to grow.
The power of the influencer is immense, so it’s time that we wield it ourselves, and give our audiences the tools they need for a better financial future.