Indians turn to social media over traditional channels for financial advice, new report shows

A recent study commissioned by Meta and carried out by Ipsos reveals a significant shift in how consumers in India seek financial guidance. The report, titled “From Feeds to Financial Futures,” surveyed over 2,000 participants aged 25 to 45 from major cities including Delhi, Mumbai, Bengaluru, and Kolkata. The findings highlight the increasing reliance on digital channels, particularly those owned by Meta, in the discovery, evaluation, and purchase of financial products. The research indicates that an impressive six out of eight stages in the financial product purchase journey are now navigated via digital platforms, with Meta's offerings responsible for half of these interactions. A striking 81% of survey respondents reported using Meta platforms during the discovery phase of their financial decisions, while 79% used them for evaluating options, and 83% during the purchase stage. This trend spans various financial categories, including loans, investments, insurance, and savings. Instagram and Facebook have emerged as vital resources for financial literacy, with 57% of participants depending on Instagram and 53% on Facebook to guide their choices. Short-form videos and reels featuring influencers are particularly effective in simplifying intricate financial concepts. WhatsApp, another key player in the Meta ecosystem, has also proven essential, with half of the respondents using it during the evaluation phase, and 44% and 48% during the discovery and purchase phases, respectively. On average, consumers spend 56 minutes on WhatsApp engaging with financial content. The study underscores a notable shift in consumer trust as well. While traditional financial authorities maintain some influence, 75% of respondents expressed confidence in financial podcasts, and 67% turned to influencers and experts for advice, reflecting a growing preference for relatable and authentic guidance. Shweta Bajpai, Director for Financial Services at Meta India, remarked on the findings, stating, “The landscape of financial planning is rapidly transforming thanks to digital platforms. From Reels to the rising influence of women in financial decisions, this study challenges established notions about how financial products are discovered and purchased.” Moreover, the report highlights the increasing financial autonomy of women, with nearly 80% of female respondents reporting they make financial decisions independently. Women also demonstrated higher engagement levels on platforms like Instagram and WhatsApp compared to their male counterparts. The conclusion drawn from the report suggests that as financial decision-making shifts toward a digital-first approach, there are new opportunities for financial brands and marketers to connect with audiences through engaging content and interactive communities.