Three years ago we wrote about peer recommendations and whether they can replace professional financial advice. The question has only become more urgent since. Last month, Nationale-Nederlanden launched a campaign — together with Cosmopolitan — specifically aimed at helping young people see through misleading “finfluencers.” The reason: research shows that 98% of young people now regularly see content promising fast financial success on their social feeds. And the Dutch regulator, the AFM, flagged in its most recent outlook that even AI chatbots are increasingly being consulted for financial advice, despite not being built or trained for that purpose.
In other words, the advice landscape has changed shape. It’s no longer just a friend recommending a savings account. It’s a stranger with a large following, a confident voice, and a “proven” strategy — showing up in a feed near you, and near everyone you love.
Recognising it in yourself
Finfluencer content works because it’s fast, relatable, and free. A few questions worth asking before you act on a tip you saw online:
- Does this person have a license to give investment advice, or are they simply sharing an opinion?
- Are they being paid or rewarded for promoting this specific product or platform?
- Is the “proof” anything more than their own word and a screenshot?
- Would this advice still make sense if it were tailored to your situation, rather than a general audience of millions?
None of this means finfluencers are always wrong, or that social media has no place in financial education. It means the advice you see was built for reach, not for your personal circumstances.
Recognising it in someone else
Here’s the part that’s easy to miss: the risk rarely stays with one person. A tip gets forwarded. A sibling half-believes what their best friend swears by. A parent hears their child mention “an easy way to grow savings” and assumes it’s been checked. Financial regulators have already fined finfluencers hundreds of thousands of euros for steering followers toward unlicensed providers — money that, in some cases, simply disappeared. The people who lost it weren’t reckless; they trusted someone they’d been watching for months.
So the more useful question isn’t only “am I being careful?” It’s “has anyone close to me mentioned something recently that’s worth a second look?” A sister excited about a new trading course. A colleague following a “guaranteed returns” account. A friend who mentions crypto tips from someone they’ve never actually met. Noticing it for someone else, gently, is often more valuable than noticing it for yourself — because by the time you spot it in your own decisions, the money may already be gone.
What to actually do about it
If you, or someone you care about, has come across a financial “opportunity” through social media:
- Check whether the provider is registered with the AFM before anything is transferred.
- Separate entertainment from advice — a video can be interesting without being suitable for your situation.
- Ask what happens if it goes wrong, not just what happens if it goes right.
- When real money and real goals are involved, get a second opinion from someone qualified, independent, and accountable for what they tell you.
That last point is really the whole idea behind professional financial advice: not to replace your own judgement, but to give you — and the people you’d hate to see get hurt — somewhere reliable to check first.
If you’d like a second opinion on something you’ve seen, or simply want a plan that’s built around your own situation rather than someone else’s follower count, we’re happy to talk it through.