Jaipur (Rajasthan) [India], June 17 (ANI/SRV): EBNW Story, an online media house featuring research-based stories, recently concluded research showcasing a surge in financial awareness amongst the masses brought about by 'Fin-fluencers'.
The media house spoke to the top 7 fin-influencers in India to understand the surge.
The stock market once feared and scorned as a risk, has evolved into a field of sharp research and investment for the common man. During the pandemic, people ventured out to build their own sources of income, becoming financially more savvy in the process with the help of these fin-influencers, said these players while talking to firm EBNW.
A new league of YouTubers came to the rescue of the common man and de-mystified financial jargon and stock charts, making investment more friendly and accessible.
Commenting upon this trend, Rishabh Jain, Co-Founder of Labour Law Advisor said "There exists a huge theory-practice gap in the education system and LLA is trying to bridge this gap."
With spare time on hands during the epidemic and afterward, a dearth of employment in the market, spawned, the market was flooded with first-time investors looking to build a more secure future.
With their favourite influencers preferring a stock investment via an online broker than a traditional savings account or bank broker, people immediately shifted to opening new Demat accounts with these discount brokers.
According to SEBI figures, a monthly average of 26 lakh new Demat accounts were opened in the fiscal year ending March 2022, compared to just four lakhs in 2019-20. "People have seen days of hardships during Covid and now perhaps the time has come when people have become more aware of their life and finances", said Prasad, Founder of Convey.
As a result of filling the gap and simplifying financial planning and investment, YouTube finance influencers or Fin-fluencers saw a direct proportionate rise in their subscriber count. The number of subscribers on the most popular channels in the field of finance education increased by multi-folds.
This growth was fuelled by several factors. While some individuals watched to pass the time, others realized their financial mistakes during times of financial crisis and a collapsing economy while some started following these channels to look for guidance on how to build passive incomes. New formats of short content, such as YouTube Shorts and Instagram Reels, have also aided their appeal by catering to a younger audience that prefers such formats.
These fin-fluencers have ushered in a sea change in the youth's perspective and attitude towards money, financial and personal growth. Their success is a win-win for both themselves and for the public as well.
Mandeep, Co-Founder at Labour Law Advisor stated, "There is one thing common among both a novice and a seasoned investor: we all make mistakes. Those that are ahead in the game have gone through more trials and made more blunders and that's where we come in."
In a broader perspective, they have acted as a catalyst for change, igniting a process of financial inclusion in the country that would not have been achievable in the near future otherwise. It has resulted in small towns and even villages participating in the market since residents now have simple access to solid financial advice at the click of a button. All of this has further aided the Indian economy's recovery.
It has now evolved to the level where people have shed their rigid mindset of averting risks and have become more open to taking calculated risks.
This story is provided by SRV. ANI will not be responsible in any way for the content of this article. (ANI/SRV)