Follow some “finfluencers” and you’ll invariably find the route to riches involves borrowing money and investing it in high-risk assets, or paying for a course to teach you trading secrets (spoiler: the only person generating a passive income is the influencer flogging all the affiliate marketing). However as the FT points out Social media platforms are increasingly the place where people educate themselves about money.
Social media platforms are increasingly the place where people educate themselves about money — even if much of what they “learn” is likely to end in disaster. But should the conventional finance world see this as a threat, or an opportunity? This week, the UK took strides to change the financial advice landscape for the better. The Financial Conduct Authority has proposed new measures to better police the online promotion of high-risk investments.