57% of users turn to Instagram for financial decisions: Meta study

A new study commissioned by Meta and conducted by IPSOS has found that digital platforms, are playing a dominant role in the purchase journey of financial products in India. The report found that six out of eight touchpoints in the purchase journey of financial products are now digital, with Meta platforms accounting for three of the top six. Instagram and Facebook were cited as primary sources of financial decision-making by 57% and 53% of users respectively. WhatsApp was also widely used, with half of the respondents relying on the messaging platform to evaluate financial products.

“Financial planning is integral to the lives of most Indians across income groups. But this process is rapidly evolving, fuelled by digital,” said Shweta Bajpai, Director Financial Services, Media, Travel, Real Estate, & Services (India), Meta. “Whether it’s the growing role of Meta platforms in the purchase journey, the increasing influence of Reels and creators, the rising role of business messaging or the growing number of women who are taking independent financial decisions – the study dispels many myths about how financial products are discovered and bought today, offering valuable insights for marketers and brands in the industry.”

The findings suggest Meta platforms are used at all stages of financial decision-making: 81% of respondents reported using them during discovery, 79% during evaluation, and 83% during the final purchase phase. The impact was evident across product types including loans (86%), investments (84%), insurance (78%) and savings (82%).

Alongside entertainment, financial influencers and creators are emerging as trusted sources. Seventy-five per cent of respondents said they trust financial podcasts, while 67% look to influencers and subject matter experts for guidance. “The 129% lift in savings leads and 3-point jump in unaided recall stand testament to the power of collaboration, creativity, and smart media thinking,” said Vikram Sakhuja, Group CEO – Madison Media & OOH.

The research also revealed a shift in gender dynamics. Women respondents reported spending more time on Instagram and WhatsApp than men, with nearly 80% stating they make independent financial decisions.

WhatsApp was identified as a key channel across all stages of financial engagement. Forty-four per cent of users accessed it during product discovery, 50% during evaluation and 48% at the purchase stage. “Our use of the Click to WhatsApp product within Meta campaigns has proven especially effective—achieving over a 5% conversion rate from lead to policy sale,” said Sai Narayan, Chief Marketing Officer, Policybazaar.

Lalatendu Das, CEO of Publicis Media, India, also pointed to the effectiveness of Meta’s ad solutions. “Through a collaborative approach, we harness Meta’s AI-powered tools like Advantage+ Sales Campaigns (A+SC) to enhance product discoverability and customer acquisition,” he said.

The study outlines the growing reliance on creator-led content and digital messaging as consumers increasingly take control of their financial decisions online.