Meet India’s new breed Of money influencers
- Many established influencers have swiftly pivoted to become self-styled money gurus. Is the trend here to stay?
- A new set of guidelines issued by the Advertising Standards Council of India (ASCI) in June is expected to bring some clarity in this space but to what extent they will be enforced is uncertain
MUMBAI : To millions of Indians who took to investing under the shadow of the covid-19 pandemic, personal finance information and advice has often come via social media rather than through the formal financial services industry. Take the case of Nishchay Gogia, 36, who works as a creative head at a TV production house based in Mumbai. He first took to direct stock investing after following a set of influencers on YouTube and Instagram during the first covid-induced lockdown in the spring and summer of 2020. Considering his line of work, Gogia understandably used to mainly follow actors, comedians and other TV personalities on social media. But after stumbling on to a few personal finance videos on YouTube, including one by Rachana Ranade who is a chartered accountant turned personal finance content creator, the underlying algorithm began to recommend a slew of other financial influencers to him.