Who do we know and who do we trust?

07/08/2025

An enormous amount of information circulates on the Internet, but not everything is reliable or verified. In this digital environment, influencers play a key role in sharing content that can influence our decisions. Among them are finfluencers, who offer financial advice to their followers.

Although they may seem expert, many are unqualified, and some may have hidden interests or promote products for which they receive money. Therefore, before following their advice, it is essential to go to reliable sources.

In social networks it is increasingly common to find people who talk about how to save, invest or make money. These profiles are known as finfluencers, that is, influencers who share content related to finance. Although some may have good intentions, it is important to know that not everyone is qualified to give financial advice. It is not a question of distrusting everyone, but of knowing how to distinguish and act with criteria.

Unlike authorized advisors, many finfluencers do not have specific training or are registered to offer personalized recommendations. This means that their advice may not be right for your personal situation, and in some cases, may even push you to make risky decisions with your money.

For example, a finfluencer may recommend investing in a cryptocurrency or company stock without knowing your investor profile: how much you can afford to invest, your financial goals, your risk tolerance, etc. What can work for one person can be harmful for another.

In addition, some finfluencers have hidden interests. They may receive money for promoting certain products, platforms or investments. Sometimes, they use techniques like clickbait (striking headlines to attract clicks) or show a luxurious lifestyle to build trust. They can also sell their own courses or guides, without it being clear if they really add value.

Another risk is getting carried away by cognitive biases. For example:

• The halo effect makes us think that someone is an expert just because they have a lot of followers or express themselves safely.
• FOMO (fear of missing something) can lead us to invest impulsively for fear of “being late” and losing the opportunity to make money.
• Authority bias makes us trust someone just because of their appearance or way of speaking.
• The herd effect pushes us to do what others do, without analyzing whether it is the right thing to do.
• Confirmation bias makes us seek, interpret, and remember only information that reinforces our beliefs, ignoring what contradicts them.

To protect yourself, don't make financial decisions based solely on what you see on social media. Always check if the person giving advice is authorized, consult official sources such as the CNMVAbre en ventana nueva or the Banco de EspañaAbre en ventana nueva, and if you have doubts, seek professional advice.

Remember: Your money deserves informed and responsible decisions. Don't get carried away by easy promises or viral fashions.

“Disclaimer: Please note that this is a translation of the original in Spanish that has been obtained using eTranslation (the machine translation tool provided by the European Commission), with the intention of giving you a basic idea of the content in English until a human translation becomes available. The Banco de España accepts no liability whatsoever in connection with this translation.”