John Caserta, MSFS, ChFC®
Think Twice Before Following Financial Advice Found on Social Media
Social media can be helpful in a lot of ways. But if it’s financial advice you’re looking for, be cautious of what you see as you scroll. We are stretching your dollar with tips for protecting your money.
Studies have shown that gen-Zers and Millenials are really turning to social media for their financial advice. It’s important to question what you see, given not everything on social media is monitored or vetted as truth before it’s posted.
But it doesn’t mean you shouldn’t take notice. It’s worthwhile to make a note of the information, then ask a professional. The information may be correct, or it could result in a learning opportunity. It’s not all bad. Anything that sparks conversation and gets you to ask questions.
And if it’s money you’re interested in, you should consider the source. Follow reputable financial institutions and news sources. Oftentimes, they’ll share helpful tips on their social media accounts.