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May 22, 2024
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Should you ever take financial advice from social media?

Given the amount of time that many of us spend on social media, it’s not surprising its influence has extended to our financial lives. The effects can be positive — some say financial content on social media “has made it less taboo to talk about money,” fostered a feeling of financial empowerment and even resulted in making money, Forbes said.

But in other cases, the impact of social media doesn’t bode so well. “Nearly two-thirds of Americans (65%) believe social media has led to increased overspending,” and approximately 18% “say they have made a regrettable purchase as a result of something they saw on social media,” said NerdWallet after conducting a study on the topic in 2023. There’s also the reality that not everything you see online is right, or right for you.

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