![]() ![]() But when it comes to something as important and complex as personal finances, it worries me because there is no one-size-fits-all approach,” he says.Īs such, social media can elevate bad, irresponsible approaches to achieving financial goals, particularly since someone dispensing financial advice might not be qualified to do so, Walsh says. “That means people can easily provide and access information. Walsh says there’s really no barrier to offering and absorbing financial information on social media platforms. Most Trusted Social Media Site for Financial Information Social Media Sources Where Young Adults Receive Financial Information Nearly 7 in 10 of those surveyed (69%) encounter financial advice on social media at least once a week, and 1 in 4 stumble upon it every day. But where do they most often obtain financial information? Millennials favor Reddit, while Gen Zers prefer YouTube. The vast majority of millennials and Gen Zers say they’ve picked up financial advice from social media. Social Media Platforms Are Inundated with Talk about Money You just have to know where to look and how to distinguish between the two.” “Fortunately, good examples of sound financial advice on social media outweigh the bad. “Social media tends to get a bad reputation when it comes to personal finances, but that is extremely unfair,” Walsh says. For instance, if you follow the right folks on Twitter, you may find “valuable and diverse” information about personal finance, he says. On the other hand, certified financial planner Brian Walsh, manager of financial planning at online financial platform SoFi, doesn’t believe in discarding all personal finance information you come across on social media. “A big con from getting advice on social media is that the person offering the advice may not be qualified to do so.” “There are a few gurus out there that can speak to general advice, but the reality is that each individual is different and what applies to one person may not apply to another,” Falcon says. Should You Trust Personal Finance Advice on Social Media?Ĭhartered retirement planning counselor Jake Falcon, founder and CEO of Falcon Wealth Advisors, is skeptical about following financial advice spread on social media platforms. 50% have made money as a direct result of financial advice they received on social media.Reddit and YouTube are the most trusted platforms for financial advice.62% feel empowered by their access to financial advice on social media.76% believe financial content on social media has made it less taboo to talk about money. ![]() ![]() 79% of Americans representing the millennial or Gen Z age groups have gotten financial advice from social media.But a large number of Americans ages 18 to 41 are turning to social media for something far more serious-advice about credit card debt and other financial matters.Ī survey commissioned by Forbes Advisor and conducted by market research company Prolific found that 79% of members of the millennial and Gen Z generations have gotten financial advice from social media.īut should millennials, Gen Zers or anyone else rely on social media to guide decisions about their money? Opinions among personal finance professionals are split. Or you may get sucked into watching lip-sync videos on TikTok. You might browse Reddit to catch up on the latest news and views. ![]()
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