One of the issues that makes advice on social media so challenging is that platforms are designed to elicit emotions and provoke immediate responses—neither of which are helpful reactions when it comes to financial decisions.
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63% of financial advice on TikTok is misleading, one study found. Users love it anyway
“If people take this advice, you know, there’s no one they can look to to blame,” says Christine Kieffer, senior director of investor education at the Financial Industry Regulatory Authority (FINRA), an independent nonprofit representing brokerage firms and exchange markets. “The main thing is, do not go to YouTube or TikTok. Talk to a real person.”
