NEW ROCHELLE, NY (August 26, 2022) — A new survey by CouponBirds found an estimated 20 million Americans admit to taking financial advice from social media influencers and more than 10% of them are in New York.
Why it matters: Many people — particularly young people with no prior knowledge of money matters — are getting their first introduction into the world of finance from videos they see on social media which leaves them vulnerable to consuming potentially harmful information about making important financial decisions.
Some financial myths are often perpetuated on social media:
FinTokFactCheck:
The financial space on TikTok is growing globally – and quickly, with content tagged #FinTok having gained more than 1.6 billion views overall, and #PersonalFinance sitting at over 6.4 billion views at present.
CouponBirds Survey:
- 3,000 social media users interviewed
- Projected 2,491,773 New Yorkers admit to having taken and acted upon financial advice from social media influencers
- California is #1 with 3,563,253
- Advice topics include taxes, college loans, credit scores and cards, budgeting, debt, investing for retirement, and options trading
What they are saying:
Tricia Smith of CouponBirds: “It’s vitally important to conduct your own research when it comes to seeking out information to help advise financial decisions – and don’t make big decisions based on a social media trend, or solely off advice from an influencer” says.