Reliance on finance influencers growing amongst Singaporeans: report
Proof of this is the 334% jump in social media mention of terms such as "savings."
Social media has changed the way Singaporeans approach financial security and savvier social strategies, according to Meltwater,
In a report, Meltwater said Singaporeans are no longer just financial advice but are "building a collective voice through community, support and validation," thus the rise in social media conversations about finance.
According to Meltwater, social media mentions of terms such as “savings,” “saving money,” “save money,” and "high yield savings account (HYSA)" skyrocketed 334%, totalling 1,290 mentions, compared to a year ago.
During the same period, mentions of Buy Now Pay Later (BNPL) payment methods increased by 169%, with Atome receiving the highest positive sentiment and Grab PayLater generating the highest negative sentiment.
In parallel, "scam victims" became a prominent keyword in finance and cybersecurity conversations on social media, rising by 79% to 21,900 mentions.
"Social media serves as a vital platform, providing Singaporeans with accessible and easily digestible information, leading to a growing reliance on finance influencers," Meltwater said.
In Singapore, the top finance influencers include The Woke Salaryman, Genecia Alluora, Michelle Hon, The Simple Sum, and SG Budget Babe.
“Brands in the financial space have an incredible opportunity to engage with consumers by understanding and participating in these conversations. By actively listening to the concerns and preferences of their audience, companies can offer tailored solutions and build trust in a challenging business environment," reported Meltwater.