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For now, mainstream financial brands are gaining limited traction — with the exception of app-based challenger banks. Parents are an important part of the community, posting how they manage money while bringing up children. It details eight common types of fraud including false investment scams promising “unrealistic monetary benefits”, loan scams offering a low interest rate for an advance fee and job scams using “misleading or fake job postings to try and get your personal information or money”. ‘It’s finally got to rural America’: coronavirus surges in the Dakotas, UK dismisses ‘derisory’ EU fishing offer ahead of last-ditch trade talks, Saudi Arabia seeks to resolve Qatar crisis as ‘gift’ to Joe Biden, North Korea executes forex trader as Kim tightens grip on economy, HSBC considers exit from US retail banking, McDonald’s Chris Kempczinski: ‘Our menu is very Darwinian’, ‘Boy, did we screw up’: 12 rules for repentance, How AstraZeneca and Oxford found their vaccine under fire, Quintessentially concierge service set up escort agency’s website, Philip Green’s Arcadia on brink of collapse. “It’s striking how Instagram is bringing together people the traditional financial services world has overlooked, especially women and young people,” says Jason Butler, the FT’s Wealth Man columnist, who has worked as a financial adviser for over 25 years. The “Instagram generation” may be criticised for loving consumption-fuelled images of designer clothes, expensive brunches and exotic holidays, but the platform is increasingly providing the “inspo” for those looking to save money, learn to budget, start a retirement fund or get out of debt. . “When I went looking for something to help me, a resource, I couldn’t find anything that could help me specifically,” she explains. Many use colourful stationery and calligraphy to get their message across — or Inspo-gram as some call it. “I haven’t had a full-time job since I was 36, I think retired is a corny-loaded word, but I put it there on my bio to pique curiosity,” he says. “I wore a second-hand dress that was £70, Steph wore a free dress that her mum had worn to get married two years earlier, we DIY’ed and made the best of what we had,” posted Lisa Garwood-Cross, the 28-year-old behind the @living_thrifty account. Expert insights, analysis and smart data help you cut through the noise to spot trends, Whether you’re spending money, saving it, investing it or earning it, Instagram is set to have considerable influence over our finances in the future. “A lot of the materials [provided by the finance industry] were very daunting and boring and I felt like they were keeping me out of the club, like they didn’t want me to understand,” she says. They have a powerful influence, but social media posts are a far cry from regulated financial advice. 14.6k Followers, 476 Following, 750 Posts - See Instagram photos and videos from Financial Times House & Home (@ft_houseandhome) One of Instagram’s most popular financial hashtags is #debtfreecommunity which has featured on more than 850,000 posts. FT Money swiped through the growing online finance community to see how it is transforming young people’s relationship with money — and the underlying tension of the platform’s growing commercial potential. “In the early days of Instagram, there was more of a focus on discussing new products and taking the ‘perfect’ shots, but that has evolved,” says Eva Caiden, a trends expert at Instagram. One follower replied #teachmeyourways in response. 627.3k Followers, 447 Following, 2,301 Posts - See Instagram photos and videos from The Financial Diet (@thefinancialdiet) Instagram has been criticised for spawning the cult of the influencer — celebrities in their own right who flog products to their armies of followers and make money through advertising revenue. “I think when you’re in that place, it feels quite lonely and everything feels like doom and gloom,” says Francesca. Instagram’s help page contains reporting tools for users to flag anything that looks suspicious. Amid the deluge of selfies, “content creators” around the world are bringing financial education into the social media mainstream. Instead, by using visual inspiration, money advice is like a “Trojan Horse” or the “medicine in the cheese”. What we learnt about Edoardo Mapelli Mozzi from his Financial Times profile. Instagram has become a major platform for the Financial Times’ visual content — and it’s now hoping to use Stories to push out more of its charts and graphics. One of his early posts, headed “How to become a millionaire” is still among his most popular: “Invest $250 a month in an S&P500 index fund . Popular hashtags include #investing101 and #wealthbuilding but one that really resonates is #financialindependence. As well as her blog and social media accounts, Bola has been able to monetise her brand by offering courses where she provides one-to-one mentorship. This stems from the US “Fire” movement (financial independence, retire early) that encourages extreme forms of money-saving with the aim of stopping work or achieving a better work-life balance. 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Tribes are micro-communities on social platforms that share similar goals and values, spreading their ideas using hashtags (it is now possible to follow hashtags as well as individual accounts on Instagram). “Always ask yourself, what are this person’s intentions — honourably sharing their experience or turning me into a customer?”. Eight years ago, 27-year-old James Ison started a website profiling the lives of super-rich millennials, having grown up sharing a bunk bed. A Financial Times vezércikke a magyar és a lengyel vétóról értekezett. Users sharing their experiences of paying down debt are a powerful tribe. Like many investment bloggers, it also includes an “invest at your own risk” disclaimer. A recent post asks: “Why should you want to be financially successful?” She tells her 249,000 followers: “It’s not all about acquiring things — it’s about giving back, helping others and leaving a lasting, positive impact for those you care about.”. News, analysis and comment from the Financial Times, the world's leading global business publication “I think we are all looking for motivation, to feel something as we navigate finances in our lives,” she says. Far from viewing discussion of money matters as a social taboo, users are captivated by posts from people happy to share their real-life experiences of managing their personal finances — warts and all. Instagram scheduling tool Later analyzed 12 million Instagram posts that were posted from all over the world from accounts with both small and large followings. In interviews with Instagrammers for this article, four words came up frequently: honesty, vulnerability, authenticity and, more surprisingly, loneliness. Annie Atherton from @thefinancialdiet, which describes itself as a “media/news company” and boasts a similar number of followers, says she doesn’t think that people are actively seeking financial content on Instagram. Its adherents may well be earning a big salary or have considerable wealth behind them, showing the many shades of the Instagram money community. Washington-based Kumiko Love, aka @thebudgetmom, has an Instagram grid filled with colourful doodles and inspirational quotes (such as “small steps to success are still steps in the right direction”) designed to spark an emotional response. Finance on Instagram: what’s not to like? Instagram financial statistics. Making a bouquet of paper flowers from a vintage comic book (cost: £1.58) is one way she’s been sharing the story with her 11,000 followers on the picture-sharing app of how she stuck to a £2,500 wedding budget. A lot of the ‘advice’ is style over substance, with similar ideas being shared, but these won’t be right for everybody — and people might not be who they say they are. Larger accounts commonly link to blogs and websites offering everything from personal coaching, linked promotions for fintech apps and even subscription investment services. British money blogger Ricky Willis who posts as @skintdad has devised a “1p savings challenge” for his 14,000 followers, saving tiny amounts every day to amass nearly £700 by the end of the year. Can food delivery services save UK restaurants? Damien Fahy, who posts as @moneytothemasses, set up the free website of the same name because he believed that his financial qualifications were being wasted on affluent people who could afford his services. . “It’s empowering to ask why and allow people not to feel stupid,” he says. ... Five things we learnt about the creator of the ‘Rich Kids of Instagram’ from his Times interview. Last year, UK fraud authorities warned that hundreds of Instagram users aged between 20 and 30 had been suckered with the promise of high returns, losing nearly £9,000 each on average. 2.2m Followers, 267 Following, 3,712 Posts - See Instagram photos and videos from Financial Times (@financialtimes) “The vast majority of creators find that content which gives a realistic view of everyday life performs best with their followers,” adds Ms Caiden. “If you’re afraid to look at your bank account, taking these steps will be a game changer for you,” she recently posted alongside a list of how to start budgeting: “Income minus expenses =? San Diego-based Jeremy Schneider posts as @personalfinanceclub and has 55,000 followers. Go to this page, laying out the cost of subscribing to the FT, and you could get any number of different prices. 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