A quarter of U.S. adults use social media influencers for investment advice, with 61% of those aged 35 and under following their recommendations. New investors are particularly at risk, with 57% relying on online guidance, raising concerns about financial literacy and decision-making skills. (FINRA Investor Education Foundation)

“Finfluencers” on social media are shaping young adults’ views on finance, but their advice may not always be accurate or reliable, warns finance columnist Michelle Singletary. Early financial decisions can have long-term consequences, affecting future wealth accumulation and retirement planning. (Washington Post)

Investing based on social media advice can lead to loss of confidence and potential financial scams. Red flags to watch for include unqualified influencers, hidden financial incentives, oversimplified strategies, and hype-driven fear tactics. It’s important to verify tips independently and seek credible sources for financial information.

Read more at Yahoo Finance: 61% of young adults turn to social for investing advice. Why tips from ‘finfluencers’ shouldn’t be your whole strategy