How finance influencers use storytelling to misguide people
Subscribe to enjoy similar stories. NEW DELHI : In China, some social media influencers are being taken by the police for questioning for spreading misinformation online. An Economist article recently cited how China’s police are taking online fibbing seriously.
Globally, misinformation causes a lot of stress, but the biggest source of evil is from finance influencers who spread misinformation. It is one thing to buy the wrong bottle of moisturiser, but it is a totally different game to gamble away your life savings based on the advice of a finance influencer who may not have your best interest at heart. Many financial influencers are not qualified to give financial advice.
Many don’t reveal their brand collaborations completely. Many give financial advice that is downright wrong and dangerous. The core question is, why do finance influencers have so much sway over the masses, especially Gen Z? The biggest reason is that they are excellent storytellers.
As someone who makes a living teaching and practising storytelling, let us look at some principles of storytelling finance influencers deploy that help them get away with their questionable choices. Our emotional brain drives the majority of our daily decisions. Almost every catchy reel on Instagram is built on the emotion of fear, anguish or FOMO (fear of missing out).
Headlines like, ‘This is how I made ₹5 crore in one year’, tap into the insecurities of the younger generation. As a result, there are many Gen Zs delving into the dangerous world of futures and options (F&O). A Securities and Exchange Board of India (Sebi) study recently found that 9 out of 10 individual traders lost money in the F&O market in 2024.
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