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But occasionally, I'll stumble upon a Gen Z financial influencer serving up advice on what I should do with money. AdvertisementTo make sure I don't get influenced by someone sharing faulty financial advice, I asked Secco to share how a person can vet a financial influencer. Remember that financial advice is not one-size-fits-allI often find myself fixated on a financial influencer's content, especially when it's about how to invest my cash to double my money. Check the person's background to learn more about themBefore seriously considering taking financial advice from an influencer's content, Secco recommended vetting them to understand their credentials. "I don't recommend taking advice from a financial influencer who doesn't have any certifications or designations," she said.

Persons: I'm, Hazel Secco, Secco, it's Organizations: Triple

☆ The UK is regulating memes about crypto and other investments to curb scams from 'finfluencers'
▼ + stars: | 2024-03-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Britain's financial services regulator announced guidelines for financial services companies and social media influencers making memes about cryptocurrencies and other investments in a bid to tackle a rise in scams. The Financial Conduct Authority said in a statement Tuesday that any marketing for financial products — including those expressed in memes — should be fair, clear, and not misleading. The watchdog said that financial social media influencers, or "finfluencers," must have the approval of an FCA-appointed representative before publishing advertisements and memes about financial products and services, the FCA said. We will take action against those touting financial products illegally," Lucy Castledine, director of consumer investments at the FCA, said in a statement Tuesday. The FCA said that, in 2022, it took down over 10,000 misleading adverts about financial services.

Persons: Lucy Castledine Organizations: Financial, Authority, FCA

☆ Gen Z is turning to influencers for financial advice. A new report dives into 4 main reasons creators are impacting investment decisions.
▼ + stars: | 2024-02-05 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

Financial influencers are also benefiting from the rising consumer demand for longer-form online content . Distrust in traditional financial institutions is driving Gen Z to more 'relatable' advisorsMost participants reported being skeptical of traditional banks and personal finance advisors. Preece said the rebound of long-form content suits the needs of financial influencers because they can take 10 minutes to explain a concept instead of 30 seconds. "There's more time for an audience to really digest the information and reflect on it, because most financial topics are complex," he said. Gen Zers also said they loved that the financial tips on YouTube, TikTok, and Instagram were free.

Persons: —, Gen Zers, Rhodri Preece, Zers, there's, Preece, Reece Organizations: Service, CFA Institute's Research, Policy, CFA Institute, YouTube, Business Locations: France, Germany, Netherlands

☆ From loud budgeting to girl math, here’s what you should know before taking financial advice from TikTok
▼ + stars: | 2024-01-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Between girl math, loud budgeting and cash stuffing, the trendiest financial advice is increasingly born on TikTok. That's helped financial TikTok, also known as FinTok, take off. Now it's one of the most popular sources for financial information, tips and advice, particularly among Generation Z. The hashtag #FinTok, representing just the financial TikTok community, has more than 4.7 billion views on the platform. Finfluencers appeal to Gen Z investors because they produce educational and engaging content that is instantly accessible and, even better, free, the report found.

Persons: That's, Gen Z, Gen Zers, Young, Zers, Gen, Finfluencers, Rhodri Preece Organizations: Finance, YouTube, CFA Institute Locations: TikTok

☆ Gen Z is the most financially savvy generation
▼ + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.

Persons: Gen, Gen Zers, Gen Xers, Zers, It's, —, they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock

☆ Crypto memes could land you in prison or with an unlimited fine for breaching financial promotion rules, UK regulator warns ‘finfluencers’
▼ + stars: | 2023-07-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

The UK's financial regulator is proposing new rules for social media promotions. It specifically highlights memes promoting crypto investment as potential rule-breakers. Crypto memes could break financial promotion rules and land people in prison, the UK's Financial Conduct Authority said Monday. The regulator is proposing new rules for social media, cracking down on "finfluencers" or financial influencers who promote financial services online. It follows a joint initiative with the UK's advertising regulator in April, designed to help influencers know which financial promotions are illegal.

Persons: —, Lucy Castledine, cryptoassets Organizations: Authority, Financial Services, Investments Locations: cryptoasset

☆ Equifax fired at least two dozen employees after it used its own tool to suss out if workers had a second job
▼ + stars: | 2022-10-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Four of the big six US banks (JPMorgan, Morgan Stanley, Citigroup, and Wells Fargo) all report their Q3 earnings today. Our friends over at Markets Insider will have the immediate reaction to all the revenue numbers as they're posted. That's clearly the message at Equifax, which fired at least 24 workers for secretly having second jobs, Insider reported Thursday. "I'm not sure how Equifax can be trusted with data when it uses it to spy on its own employees," an Equifax employee told Insider. Read our full story on how Equifax used its own tool to figure out if employees were working second jobs.

☆ A risk management and securities expert says that there has been a proliferation of bad financial advice going viral across social media from so-called 'finfluencers.' He explains how to spot it and s
▼ + stars: | 2022-10-13 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +8 min

Securities expert Tony Dong discusses common bad advice and misinformation being spread on social media. More often than not, Dong says, the financial advice is being given by a social media influencer without any financial training. Dong has shared a few examples of bad financial advice and how to spot the good finfluencers from the bad. However, some of the financial advice seen on social media could be misleading at best, or even outright false, at worst. And this is especially the case when the financial advice is on social media — it's even more important to verify that the advice is accurate.

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