With consumers turning to social media for financial information, tax advisors are often battling misinformation spread by influencers on popular platforms like TikTok.
Nearly 80% of millennials and Gen Zers have used social media for financial advice, according to a 2023 Forbes Advisor survey of more than 1,000 American adults.
Some 32% of respondents cited TikTok as a preferred platform for financial information.
"It's a wealth of horrible information," said Josh Youngblood, an enrolled agent and owner of The Youngblood Group, a Dallas-based tax firm.
"We can almost always tell when there is some new TikTok trend because a lot of us start getting the same questions from our clients," he said.
Persons:
influencers, Gen Zers, Josh Youngblood, Roth, —, Youngblood
Organizations:
Forbes, Youngblood, Finance, IRS
Locations:
millennials, Dallas