https://mashable.com/article/financial-advice-bad-tiktok-social-media
Financial advice on social media comes with hidden costs.
By Christianna Silva
A new report by Edelman Financial Engines found that “more than a quarter of social media users (and 42% in their 30s) said they believed financial advice or information on social media that turned out to be false or misleading.”
“Americans, who tend to spend the most time on these platforms, are particularly vulnerable: 42% of those in their 30s have fallen prey to bad advice, and 2 in 10 (19%) have been duped multiple times,” the report states. “Men are also more likely to believe misinformation online.”
This comes at a time in which young people — those between the ages of 22-24 — are “more likely to be delinquent on credit cards and car loans than the generation before them,” according to the Washington Post, and Gen Z debt loans have increased faster than their incomes. Of course, it’s not particularly surprising that users are willing to do just about anything to get out of it; half of all Americans with debt even said they’d disclose private and personal information online if it meant their debt would be erased, the Edlemen report showed. https://mashable.com/article/financial-advice-bad-tiktok-social-media