Depending on where you look on social media, making money seems to be straightforward. Learning how to buy a property in the UK with no money, or getting the basics of being a day trader in 30 minutes, are both lessons on YouTube, along with a plethora of advice on how to earn from cryptocurrency. Meanwhile “finfluencers”, with varying degrees of knowledge, have blossomed on Instagram and TikTok.
But the standard of advice varies widely from grounded, sage information on how to invest, to unregulated personalities offering shallow quick takes without fully setting out the pitfalls of what might happen to your money.
It’s a particular problem for young people. Those aged 18 to 34 are more likely to have built up an interest in investment from social media instead of traditional news websites, according to research from investment firm Hargreaves Lansdown.
So how can consumers ensure what they are watching and reading is credible?
Influencing investment
Social media platforms play host to a variety of advice and insights on personal finance. On TikTok, a space called FinTok has emerged with advice on budgeting, Isas, tax and debt – among other topics – which has been credited with attracting the interest of young people wanting to know how to use their money better.
At the same time, the platform has had a reputation for hosting videos which promote volatile cryptocurrency investment. Last month, it banned the promotion of financial services and products such as foreign...
Read Full Story: https://www.theguardian.com/money/2021/aug/22/as-finfluencers-spread-through-social-media-beware-the-pitfalls
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