More than ever, many of us are taking a closer look at our finances, from budgeting to investing and retirement. On social media, there’s been a rise of ‘finfluencers’- financial influencers who are offering quick tips and information. But are they helping—or hurting—your personal finances?
You’ve probably seen them scrolling through your social media feeds. Finfluencers giving out quick financial tips or tricks that claim to help you get a better handle on your finances. Tess Waresmith is a local financial educator who offers group courses and online coaching.
“I started sharing these lessons and I just realized so many amazing and talented people have so many limiting beliefs and shame around money,” said Tess Waresmith, a financial educator. “And with education that’s non-judgmental and in plain English in a way that a normal person can understand is so valuable.”
Waresmith has about 75,000 followers on Instagram where she shares her most vulnerable moments with money. She reveals how she lost out on thousands of dollars and offers information on how to not make the same mistakes she made.
“The most common question I get is how to start investing,” said Waresmith. “A lot of people know that they should be investing and want to invest more, but they have no idea where to start. And it feels really complex.”
Waresmith breaks it down — from tax saving strategies to retirement. She says sharing financial information is no longer taboo.
“I’ve seen a lot more people sharing financial education online, and I think that’s because more people than ever are living paycheck to paycheck,” said Waresmith. “Even people making over six figures, if you’re if you don’t have basic personal finance education, it’s really hard to manage your money.”
A study from the Financial Industry Regulatory Authority found 60% of younger investors use social media as a source of investment information — compared to 35% of those between 35 to 54 and only 8% of those 55 and older.
But Chuck Zodda, Chief Investment Officer with The Armstrong Advisory Group, says users have to be aware of the algorithms that come into play when scrolling through their social media feeds.
“You could start off watching something that might have legitimately good advice for you, but very quickly end up in an area where there are different financial scams and threats to your finances actually being promoted as if they’re legitimate financial advice,” said Chief Investment Officer Chuck Zodda.
And with finfluencers appealing to a wide audience, not every financial tip can be tailored to your situation.
“They might not necessarily know all of the ins and outs of new developments that are going on, but they’re also not going to be giving you personalized financial advice because they likely can’t directly through social media,” said Zodda.
Some red flags Zodda says to look out for are:
- Someone offering you guaranteed returns
- Posts about get rich quick schemes
- Or anyone pressuring you to put money into something right away because time is of the essence
“There’s never anything out there that is truly, you know, the once in a lifetime opportunity that will never come again,” said Zodda. “There’s always another chance to figure out how to improve your finances.”
Most importantly, Waresmith says be careful what you consume. Even if you think you are following a reputable finfluencer, do your own due diligence and research before making any money moves.
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