Only one in ten Superhero investors trust finfluencers
Sydney, Australia – 28 September 2022 – Superhero, a leading share trading and superannuation platform has today released new insights into the investment habits and preferences of Australians.
Over 1,300 investors were surveyed with only 11 per cent of Superhero investors saying they found finfluencers trustworthy. Female Superhero investors are more likely to trust finfluencers with 15 per cent of those indicating this in comparison with nine per cent of male Superhero investors.
Superhero investors aged between 18 and 24 were the most likely to consider finfluencers trustworthy, with one in five saying they trusted finance related content creators. This is in stark contrast to Superhero investors over 55, with just five per cent of those surveyed stating they find finfluencers trustworthy.
CEO and co-founder of Superhero, John Winters, “The role of finfluencers and social media content creators sharing advice with Australians has been an incredibly hot topic over the last six months. What’s clear from our research is that Superhero investors recognise the level of risk that comes with following financial advice shared by unqualified people.”
Financial education is clearly on the minds of Superhero investors – as well as the importance of starting this education at an early age. Four in five investors (83 per cent) think that Australian children should start learning about investing and managing their money in school.
Beyond financial education, 81 per cent of Superhero investors said they wished they started investing earlier. In addition, 57 per cent of respondents think that building a stock portfolio for their children is the most valuable thing they can do to kickstart their children’s financial independence.
Winters continued, “Where previously many parents and guardians invested regular savings into low interest bank accounts, there’s been a big shift where parents are looking to build an investment portfolio for their children.”
“Despite the current dip in the market, historically, markets have always rebounded. For example, Australian shares have returned an average of nearly nine per cent annually over the past 30 years. If a parent invested $100 a month for their child over 18 years, and achieved the average ASX return, they would have $47,857. If they held the investments for seven more years, until their child’s 25th birthday, that return increases significantly to $95,877.”
“We’ve seen a lot of interest in our Minor Accounts offering, which allows parents and guardians to invest on their kids’ behalf. Anecdotally, I have heard Superhero parents saying they use our platform to teach their kids about investing, taking time to check on their kids’ portfolios with their children to explain how market cycles work. It’s these types of practices that can encourage good financial behaviours in our future generations.”
Co-founded by CEO John Winters and CTO Wayne Baskin in 2018, Superhero’s mission is to make investing affordable, accessible, and understandable. Superhero’s ASX trading platform went live in September 2020 and now has over 200,000 investors. Superhero Super was made available in July 2021, designed to meet the high expectations of a new generation of investors by giving Australians the ability to invest their super in their chosen shares and exchange traded funds. In June 2022, Superhero announced it will be merging with leading Australian cryptocurrency brokerage Swyftx.