Consumers are increasingly depending on Meta platforms for financial guidance. A joint survey by Meta and Ipsos, a global market research company, highlights the growing trend of people turning to social media for money-related decisions.
Short-form videos, especially reels, are now shaping how people understand finance. Their quick and engaging style makes them a popular choice for users looking for simple, easy-to-digest financial information.
The survey found that 53% of Facebook users and 57% of Instagram users say social media influences their financial and investment decisions.
More than half of the financial services customers, around 50%, now actively follow personal finance and investment content on Meta's platforms, reflecting a strong shift towards digital channels for financial guidance and decision-making.
The study surveyed over 2,000 respondents aged 25–45 across Delhi, Mumbai, Bengaluru, and Kolkata. It found that consumers are seeking advice on financial products such as mutual funds, insurance, loans, and credit cards, highlighting city-wise engagement patterns.
Digital touchpoints, particularly social media, have become central in shaping financial decisions. Instead of relying mainly on traditional sources such as branch visits or expert opinion columns, more consumers now prefer engaging with financial information through online and interactive formats.
The growing influence of social media on financial decisions is pushing financial firms to rethink their marketing strategies. The study also reveals that nearly 80% of women make independent financial choices, spending more time than men on Instagram and WhatsApp, and nearly as much on Facebook.
WhatsApp is also becoming central to the financial services journey. Around 44 % use it for discovery, 50% for evaluation, and 48% for purchases, with consumers spending an average 56 minutes daily on the app.
Social media platforms now play a pivotal role in shaping financial decision-making. The growing popularity of short-form videos and creator-led advice is transforming how people discover, evaluate and purchase financial products.
