How to be aware of Fin-fluencers and their money-saving tips

Instead of stepping into a financial office, many are logging onto social media for money-saving tips.

Financial influencers or fin-fluencers are taking social media by storm, attracting young adults who are looking to invest.

Millennials and Gen-Zers are turning to fin-fluencers, who focus on money-saving challenges and advise on how to invest in the stock market.

Despite their popularity and seemingly savvy advice, most fin-fluencers don’t need financial qualifications and are not subject to regulation.

Many make their money through sponsored posts, referral fees, and promoting financial products, which emphasizes the idea that they may not be finance experts.

Those looking to social media for financial advice are encouraged to seek a regulated financial advisor.

They can guide you with your immediate investing goals and provide a stable foundation for future endeavors.

Another factor to be wary of is how influencers create the facade of popularity through their follower count; however, it is important to be aware that follower counts can be purchased.

The Federal Trade Commission now requires influencers to disclose their material connection to what they’re promoting on social media.