Financial influencers on Instagram

The influence of finfluencers

Financial influencers – so called “finfluencers” – reach millions of followers on Instagram. But how do they influence the investment decisions of their young followers? To investigate the role of finfluencers, St. Pölten University of Applied Sciences and Paradots surveyed 300 followers of German-speaking finfluencers on Instagram.

New opinion leaders in the financial community?

Finfluencers are established players on Instagram, Youtube and other social media networks. The largest accounts in German-speaking countries have over 100,000 followers on Instagram. Some international accounts reach more than 1 million followers.

Our research shows: For many young investors, finfluencers are an important source of information about shares and investments and they are also considered a source of financial knowledge. Most of the respondents also follow finfluencers because they think their content is entertaining. Nearly half of all followers have already made an investment based on a finfluencer's recommendation.

Who we are...

St. Pölten University of Applied Sciences and Paradots conducted research on the influence of finfluencers on investment decisions.

Facts and figures

Facts and figures

Influence of finfluencers

Investment decisions

Have you ever made an investment based on a finfluencer's recommendation?


If so, how much influence did the finfluencer have on your investment decision?

Facts and figures


Information combined with entertainment

Which content are followers of finfluencers interested in?

Facts and figures

Potential for Investor Relations

Importance of social media

Is social media the most important channel of information on company shares?

Potential for Investor Relations

Would young investors follow company accounts on social media if they posted more investor information?

Research Design

Zitat Monika Kovarova-Simecek

“Finfluencing is a form of infotainment: Information on stocks and investments is mixed with entertaining elements, personal stories and emotions. Visually and technically, most finfluencers always have their finger on the pulse of current Instagram trends.”

– Monika Kovarova-Simecek, University of Applied Sciences St. Pölten

Research design

  • 1 Identification of finfluencers

    More than 150 German-speaking finfluencers on Instagram were identified based on a research process.

  • 2 Online survey

    The online questionnaire was sent out to 600 followers directly via Instagram. Even more were reached because finfluencers shared the survey in their stories.

  • 3 Sample and data basis

    The online questionnaire was completed 300 times between August and October 2022. In the end, only active followers aged 18-34 were evaluated.

  • 4 Analysis and publication

    The collected data was analysed descriptively and inferentially. The results of the quantitave survey were published in January 2023.

Zitat Jan Müllner

“Stock-listed companies cannot reach the new generation of stakeholders with the old ways of IR communication. IR content needs to become snackable and engaging for social media. Finfluencers show how this is done.”

– Jan Müllner, Researcher and consultant at Paradots

Thanks to HHL Leipzig Graduate School of Management for the constructive discussion and publication in the Digital Investor Relations (DIR) lab.