If you get your financial advice on social media, watch out for misinformation

Dr. Lindsey Appleyard cautions against heeding financial advice found on social media.

The Conversation
When your parents had financial troubles or questions about planning for the future, they may have sought the help of a financial adviser, their bank, or other professional. Today, many people turn to social media.

TikTok in particular has become a hub of financial advice, from money saving hacks and personal stories to investment and stock market advice. But this information is not always reliable. A recent report found that more than 60% of videos shared using the hashtag #StockTok contain inaccurate or misleading information.

These days young people experience greater financial insecurity than previous generations. So it’s not surprising that many are anxious about financial matters and want to learn more about money. MORE