More young consumers are turning to TikTok and Instagram for financial advice following the Reddit-GameStop fiasco. According to a CreditCards.com report, social media is one of the most popular sources where 18-24-year-olds get financial advice—second only to family and friends. On top of that, Gen Z is nearly five times as likely to say they get financial advice and stock tips from social media compared to those 40-years-old or older. A Greenlight survey reported that 38% of teens are turning to YouTube, one-third are looking to TikTok, and one-quarter go to Instagram for personal finance and investing advice. (CNBC)
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