Identifying Consumer Financial Opinion Leaders

This study explores consumer financial opinion leaders (Financial OLs)-consumers who lead others in personal financial decisions. We focus on identifying the demographic attributes of Financial OLs, their social connectivity, and their engagement with innovative consumer financial products and services. A survey of 486 U.S. respondents indicates that though Financial OLs are observed across all demographic groups, a greater percentage of Financial OLs is found among low-income and low-education groups. Further, unlike other domains, results suggest that Financial OLs are not particularly socially connected and are not necessarily knowledgeable about the products and services in which they offer advice. Implications for research and financial interventions are provided.