Young people are getting mixed results from turning to social media for financial advice. The internet is packed with financial advice trends from girl math to cash stuffing. And according to new data from Intuit Credit Karma, 77% of Gen Z turn to platforms like TikTok for financial guidance, most likely looking for tips on budgeting, investing, and saving. The presence of “finfluencers” who provide digestible content on complex financial topics makes it easier for young people to engage with the information they’re looking for. However, nearly 40% of Gen Z say they’ve had negative experiences with the advice they’ve found, and some have even faced financial trouble or scams as a result. Still, 64% of Gen Z report positive outcomes from influencer advice, so it’s clear that social media will continue shaping the way young people manage their money. (Fast Company)
📈 YPulse reported: Social media is the top financial resource for 18-24-year-olds
