Financial watchdogs in Ontario have released concerning information on the danger of influencers.
An Ontario Securities Commission (OSC) report from today revealed that financial influencers, or ‘finfluencers,’ are steering the ship for many public investors, as those who follow them on social media platforms are likely to make an investment based on their input.
While the OSC notes that this behaviour isn’t inherently malicious, the prevalence of these figures is beginning to catch the eye of numerous authorities.
Due to this potentially concerning trend, the OSC launched a survey to understand how many people use financial influencers as a north star for investment decisions.
According to the data, out of 665 surveyed investors, 35 per cent reported making a financial decision based on advice from a ‘finfluencer.’
As for why, respondents noted that due to their free and available presence online, trusting a financial influencer seems like a no-brainer, as …