Rethinking digital influence in financial services

Retail banks and wealth managers are spending more time and money on social media to reach younger audiences. Short videos, influencer partnerships and educational posts now play a central role in how financial institutions communicate about saving, credit and investing.

But new research from the John Molson School of Business at Concordia University suggests that this growing digital presence does not necessarily shape how people make financial decisions.

The study found that the key issue is not the quality or visibility of financial content, but how people interpret it. Rather than taking messages at face value, individuals filter financial information through family habits, cultural background, past experiences and trusted relationships. As a result, online exposure alone rarely leads to trust or action.

The research was conducted as part of a master’s thesis by Shubham Sharma, MSc 24, supervised by marketing professors Michel Laroche and Michèle Paulin.

Visibility does not guarantee trust

The study included two qualitative research stages. The first examined popular financial influencers across major social media platforms in 2023. This analysis focused on how influencers signal credibility, including their professional credentials, storytelling style, visual quality and brand partnerships.

A follow-up review in 2025 found that many influencers had increased their focus on basic financial education, such as budgeting and building credit, while continuing to promote their personal brands.

The second stage involved interviews with 15 Canadian residents between the ages of 20 and 40. Participants described how they encountered financial content online and whether it influenced their choices.

Across both stages, the same pattern emerged: strong online presence did not translate into strong influence. While participants often viewed influencers as knowledgeable and polished, few trusted them enough to guide important financial decisions.

Instead, most participants relied on family members, close friends and long standing financial advisors. Digital content played a secondary role, often serving as background information rather than a source of guidance.

Participants also reported growing tired of financial content online. Posts that felt overly promotional, technical or disconnected from real life situations were often ignored. The research suggests that trust develops gradually through relationships and experience, not through repeated exposure.

Financial decisions are shaped by culture

The study also found that people interpret financial advice very differently depending on their background. Attitudes toward credit, debt, saving and investing were shaped by family upbringing, migration history and previous financial experiences.

Some participants saw credit as a useful tool and an important step toward financial independence. Others, particularly those raised in more conservative financial environments, viewed debt cautiously and placed greater emphasis on saving.

Even participants who felt confident about their financial knowledge often checked their thinking with trusted people before acting. Cultural values and social norms played a strong role in shaping what financial advice felt relevant or realistic.

The research found that one-size-fits-all financial messaging misses the mark in multicultural markets. Content presented as educational was sometimes dismissed because it did not reflect people’s lived realities.

Decisions happen through conversation

Few participants said they acted immediately after seeing financial content online. Instead, decisions developed over time through reflection, personal experience and discussion with others.

Younger participants tended to scroll past financial content unless it addressed an immediate need, such as a large purchase. Older participants relied more on existing routines and professional advice, using social media mainly to confirm what they already knew.

In both cases, increasing the volume of content did little to change behaviour and often added to information overload.

Rethinking digital strategy

Four actions are recommended:

1. Shift from message optimization to meaning facilitation
   Communicate simply, reflect real customer experiences, and provide life-stage guidance.
2. Reframe influencer partnerships as trust extensions
   Apply strong governance: credential verification, transparent disclosures, and consistent risk communication.
3. Adapt to cultural and financial diversity
   Tailor messaging to how different groups interpret financial concepts.
4. Prioritize interpretive insights over metrics
   Focus on trust, sentiment, and fatigue rather than clicks alone.

Taken together, the findings suggest that financial institutions may need to rethink how they approach digital influence. Rather than focusing only on reach, engagement and visibility, the research points to the importance of understanding how people make sense of financial information in their own lives.

A customer to business approach, one that treats individuals as active interpreters rather than passive audiences, may help institutions communicate more effectively.

In a digital environment where education and promotion increasingly overlap, trust has become a critical asset. Financial institutions that acknowledge how trust is built and how meaning is shaped by experience and culture may be better positioned to support informed financial decision making.