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71% of financial advice posted on social media is misleading

Gen Z and millennials are particularly susceptible to social media financial advice, which is why employers should host financial literacy workshops, webinars, or provide regular communications that raise awareness about the risks of unverified financial advice.

By Lynn Cavanaugh | December 06, 2024 at 01:20 PM
Photo: Day Of Victory Stu/Adobe Stock

In light of a Forbes Survey showing that nearly 80% of young adults now turn to social media platforms for financial advice, Social Capital Markets, a blockchain technology hub, set out to investigate the credibility of the advice circulating on these platforms.

“While platforms like TikTok and Instagram are often associated with viral dance trends and influencer updates, many young people, particularly those between 18 and 41, are using them for something far more severe—investment advice,” according to Sudhir Khatwani, Founder and Head of Research at Social Capital Markets.

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