Nearly Half of Social Media Users Trust Facebook Friends for Financial Advice (Infographic)

By Kimberlee Morrison Comment

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For all the cynicism surrounding digital security, financial institutions have ranked among the most trusted online. Indeed, millennials and digital natives are particularly drawn to online and mobile banking, with the percentage of millennials relying on mobile banking apps expected to grow to 73 percent by 2019.

It’s not just banking and e-commerce; social media users are actively engaged in conversations about money, also. Social Media Link, a provider brand advocacy activation solutions, conducted a survey of nearly 19,000 consumers about how they use social media for investment and savings advice.

Nearly 50 percent of the participants said they turn to their Facebook friends for financial advice; 39 percent are even willing to get as personal as discussing household finances. Peer recommendations are highly influential, with 41 percent of survey respondents saying they trust reviews or recommendations from friends and family more than traditional media.

Check out the infographic below for more data on the most popular financial topics and the influence of social media connections on finance decisions.

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