Finfluencers are online content creators who share investing and financial advice on social media. Some command large followings despite their lack of professional training.BestForBest/iStockPhoto / Getty Images
Canadians with higher levels of education, expertise and income are some of the strongest users of advice from finfluencers, debunking the assumption that online creators mainly reach inexperienced investors, according to a recent report.
In a survey of investors, the Securities and Investment Management Association (SIMA) found that 40 per cent of respondents earning above $150,000, 35 per cent with a university or postgraduate degree and 59 per cent of self-identified “expert” investors said they get some investment information from financial influencers.
Meanwhile, less than 30 per cent of respondents who described themselves as novice investors, earned less than $100,000 or did not have a university education said the same.
Finfluencers are online content creators who share investing and financial advice or commentary on social media platforms such as Instagram, TikTok and YouTube. Some have little or no professional training or education on financial subjects, but still command large followings of those eager to hear their advice.
They‘ve gained popularity with young Canadians and do-it-yourself investors in recent years, covering topics from retirement planning and spending habits to crypto and stock investments.
SIMA director of research Angélique Bernabé said financial planning is now a “blended ecosystem” consisting of traditional advisers and finfluencers.
In an interview, Ms. Bernabé said that even among people who use professional advisers, investors are increasingly managing their own separate brokerage accounts. The paper found that 44 per cent of investors with DIY accounts used finfluencers, whereas 24 per cent who do not said the same.
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More than half of younger investors between the ages of 18 to 34 said they get most or some investment information from finfluencers. In comparison, only 13 per cent of respondents aged 55 or older said they relied on this type of investment content.
Additionally, 48 per cent of users who relied on finfluencers said they did so because they are a free resource. (The creators earn income through social media advertising revenue, brand deals and subscriptions through platforms like Patreon.) The paper said this represents a “convenience gap” in the financial ecosystem between online and professional advice.
The survey did not measure the quality of finfluencers being used by investors across demographic groups.
SIMA commissioned Pollara, an independent research firm, to conduct the online survey of 5,400 investors and non-investors from July 8-25, 2025.
While finfluencers with recognized qualifications could be an accessible way for younger investors to start learning about financial planning, the report said exposure to online investing advice can carry significant risks.
In September, Calgary-based finfluencer James Domenic Floreani was sanctioned for breaching Alberta securities laws. He was found to have misrepresented qualifications to his audience and failed to disclose his association with stock issuers he promoted online.
In its research, SIMA found that investors often conflate popularity with reliability, even if the finfluencer does not have demonstrated expertise. Men were more likely to trust a finfluencer based on their relatability rather than their qualifications, the paper found.
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In December, the Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) released new guidelines for finfluencers and firms working with financial content creators. The regulators clarified that existing securities laws apply to online financial advice and would be applied even if laws were broken inadvertently.
Ms. Bernabé said advisers and firms could better combat investment misinformation by building their digital competence, producing their own content and staying informed on trending financial topics on social media.
Nick Hearne, a certified financial planner in Vancouver who makes educational YouTube content in addition to advising clients, said he wasn’t surprised by SIMA’s findings.
He said clients have come to him with advice from social media about retirement withdrawal strategies that is useful in some circumstances, but harmful if it’s not appropriate for their specific situation. Mr. Hearne said information from many finfluencers is presented without nuance.
”Online content comes with too much certainty, and there’s not enough context around who it’s appropriate for and what the tradeoffs are,” he said.
Mr. Hearne said that investors should be especially wary of online content that could be a “sales pitch in disguise” and promotes specific products without acknowledging risks.
