Klarna has launched an Influencer Council in order to develop a best practice guide for influencers and brands advertising online and to help shape responsible marketing practices for the financial services sector, as more people look online for financial guidance.
Guided by experts from influencers, financial literacy platforms, retailers and policy leaders, the Council aims to deliver clarity for consumers, brands, influencers and advertising bodies regarding what is acceptable and what is not when it comes to advertising financial products and services.
As part of the Council, Klarna commissioned nationwide research to understand consumer attitudes on money management, and how consumers engage with financial guidance from influencers. The research revealed that more and more Brits are turning to influencers for financial guidance. Just under a third (30%) of consumers who have seen an influencer or a celebrity giving financial guidance have acted upon it, rising to 53% when Gen-Z (those aged between 16 and 24) were asked.
However, only a quarter (27%) of the UK say that they understand the purpose of #ad, #affiliate and/or #gifted references on influencers’ posts. Worryingly, of those who said they understood the purpose of #ad, #affiliate, and/or #gifted on an influencer’s post, nearly half (46%) actually didn’t know that #ad meant an influencer had been paid by a company to promote a product or a service.
On the launch, Christian Howes, Chair of the Influencer Council said: “I am delighted to be appointed Chair of Klarna’s Influencer Council. Transparency and consumer protection are the foremost priorities for all our Council members and with such a diverse panel, I’m confident that through this Council, we will be able to provide better, clearer and actionable guidance for everyone to use across all social media platforms.”