Digital channels have overtaken traditional ones as the primary decision-making tools, with Meta platforms alone accounting for three of the top six digital touchpoints influencing consumers’ financial choices, according to a Meta-commissioned IPSOS study released on Thursday.
The report sheds light on the growing influence of social media, especially short-form content, on Facebook and Instagram in guiding consumer decisions around savings, loans, insurance, and investments. It states that one out of two financial services consumers views personal finance and investing content on Meta technologies.
Short form videos
Short-form videos and Reels are playing a transformative role in financial education. Over 57% of respondents said they use Instagram for financial advice, while 53% turn to Facebook, according to the report. The format’s bite-sized, visual nature is helping break down complex topics into understandable insights.
Moreover, the findings also point to a growing reliance on influencer-driven content over traditional celebrity endorsements. A whopping 75% of users trust financial podcasts, 73% rely on peer reviews, and 67% follow influencers for guidance, indicating a preference for relatability and authenticity.
Meta platforms
The report further reveals that 81% of consumers rely on Meta platforms during the discovery phase of a financial product or brand, with approximately one in two watching related videos to gather additional information and better understand offerings. During the evaluation stage, 79% engaged with influencers, commenting on posts, videos, or Reels, and actively participated in online discussions to gain peer insights and diverse perspectives. At the point of purchase, 83% of consumers used Meta touchpoints, with half clicking on ads or banners to explore financial products further, compare options, and make informed decisions.
The study also highlights an increase in financial independence among women, with 85% of female respondents stating that they now make decisions on their own, signalling a cultural shift toward autonomy and confidence in managing money.