Social media is flooded with hot takes on money. Here’s how to protect yourself.
Scroll your feed after a market swing and you’ll find bold predictions and “can’t-miss” tips. Welcome to the age of the finfluencer—social media users offering advice on investing, budgeting, and more.
Some are financial pros. Others are amateurs—or celebrities dabbling in crypto.
The catch:
More than 40% of people say they’ve considered acting on finfluencer advice. That number jumps among younger investors.
But a lot of this advice?
Wrong. Biased. Risky.
And in the U.S., unlike India or the UK, there’s little regulation.
4 Reasons to Be Cautious:
- Accuracy is questionable.
What spreads online isn’t always true. Many finfluencers lack credentials. Use FINRA’s Broker Check to verify advisors and check for red flags.
- It may not apply to you.
Even good advice can be irrelevant. Your plan is unique—social media doesn’t know your goals.
- Bias is everywhere.
Some are paid to promote (like when the SEC fined Kim Kardashian $1.26M for pushing crypto without disclosing payment). Others chase views or push an agenda.
- It can increase your risk.
Social media hype fueled the meme stock frenzy. The Federal Reserve warns it may lead to excessive risk-taking.
Watch Out for Confirmation Bias
Platforms feed you content you agree with—so you keep seeing the same messages. That’s called confirmation bias: we accept info that matches what we already believe. And we ignore what doesn’t.
Solution: Question what you see. Look for other perspectives.
Bottom Line
Social media isn’t a financial plan. It’s fine to be entertained—but don’t let it drive your decisions.
Not sure what to trust? We can help. Let’s talk about what fits your financial goals—and how to help your kids, parents, or anyone else caught in the finfluencer wave.
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