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Social media is very much under the microscope lately due to the controversy surrounding a potential TikTok ban and various cases regarding its regulation in front of the Supreme Court. And with that attention, another issue more central to the payments industry comes to the fore: the use of social media as a source of financial interactions and information, particularly among younger consumers.
“Millennials and Gen Z are increasingly turning to social media for personal finance purposes, including P2P payments, crowdfunding, social commerce and financial education,” reads a recent report from the Kansas City Fed. “Although some intersections between finance and social media may prove beneficial, they also come with risks for consumers. Regulators and financial service providers would be wise to continue following consumer trends among millennials and Gen Z to better understand the direction of the market and to address consumer risks that may arise.”
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