Avoid these BAD money tips going viral on TikTok
It should go without saying: Never take financial advice from an app famous for surveillance and life-threatening trends. But it looks like Gen Z never got the memo. According to Barrons, more than a third of Americans in this age group prioritize TikTok financial advice over tips from a certified advisor.
Anyone can claim to be a financial expert on the internet. Social media platforms are full of charlatans looking to trick you out of your money. Tap or click here for details on trending tricks, from fake sweepstakes to false coupons.
Even the headlines about multimillion-dollar celebrity crypto lawsuits can’t shake Gen Z’s faith in financial advice from internet strangers. When we heard this news, we looked for the worst financial advice on TikTok. You won’t believe that people actually follow these money tips!
Warn your family about terrible TikTok financial advice
In the past, we’ve written about TikTok’s many drawbacks. Maybe you agree with FCC commissioner Brendan Carr, who says TikTok is a national security threat. But even if you avoid it, we bet you have friends and family who still love TikTok.
Your loved ones could come across lousy advice. Remind them that some things are worth paying for — especially financial advice.
Misguided financial information is all over “FinTok,” the popular term for TikTok’s personal finance section. Users who don’t know anything about personal finance see FinTok as an easily accessible tool for beginners. They think they can learn bite-sized finance lessons in short, one-minute videos.
However, many of the most popular FinTok leaders lack credentials or experience. They’re just randos speaking confidently into a camera.
One in seven personal finance videos on TikTok has misleading financial information.
Many TikTokers will encourage viewers to make risky financial decisions. However, they don’t explain the consequences.
Take a stranger’s free tips and you could find yourself thousands in debt. The person claiming to be knowledgeable may just be parroting something they read online but don’t fully understand. Here are some of the worst takes from so-called “financial experts” on TikTok.
1. They tell you which stocks will make you rich in 2023
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