According to a survey by S&P, more than 75 per cent of Indian adults do not understand basic financial concepts. The gap is more when it comes to women. 80%.
So the rise of financial influencers who simplify complex financial jargon and provide investment advice is not really surprising. But often, they underplay risks and overplay returns, and try to ride the market waves.
In fact, SEBI, the market capital regulator, has been receiving many complaints and is working on creating a framework of strict guidelines to bring them under its control.
But reining these 'finfluencers' in is a bit of a catch-22 situation.
