Recent data from Intuit Credit Karma reveals a growing reliance on social media for financial guidance among younger generations, especially Gen Z and millennials. While platforms like TikTok and Instagram host a variety of influencers who dispense short, engaging financial tips, many do not possess formal qualifications. In fact, a notable percentage of young people report having made poor financial decisions based on questionable advice found online. Consequently, a significant number of individuals express skepticism about the reliability of social media as a source for financial guidance.
Many finfluencers market themselves not so much on academic credentials or qualifications as on lived experience, with popular videos titles including 'Money habits for a 6 figure net worth' and 'How I manifested a million dollars.'
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