Is Social Media Gen Zs Most Trusted News Source?
For younger generations who have long looked to social media to learn new information, from cooking lessons to makeup tutorials, TikTok and Instagram are just the places to discover financial advice  according to new survey data from Credit Karma. In fact, according to the recent study conducted by Qualtrics on behalf of Credit Karma, 56 percent of Gen Z and Millennials intentionally seek out financial advice online or through social media with more than half of Gen Z respondents admitting they have taken financial advice from someone they didnt know online. Across all social media channels, Instagram was revealed to be the top social platform sought out from financial information by Gen Z and second for Millennials, who were slightly more likely to turn to . Still, these advice seekers arent looking to just anyone. According to the report, 75 percent of those who have sought out financial advice say they follow specific social media influencers who create content relating to personal finance. Moreover, 45 percent of those who have sought out financial advice from someone they didnt know say they have put it in into action and 69 percent of those who took advice said the advice they received made a positive impact on their lives. And nearly half of all respondents said they would be likely to share financial advice or information found online with friends or family. View Gallery Related Gallery All the Looks at the 2021 Cannes Film Festival  Finances are complicated for the majority of Americans, said Colleen McCreary, financial advocate at Credit Karma. Its great to see so many young people are becoming more aware of their finances now and are taking steps to inform themselves on certain parts of their finances. Thats where technology and social media can be really powerful. However, its important that consumers do their research and verify the information they find online before taking action, especially when it comes to more risky advice, like investing in the stock market or in cryptocurrency. There are a ton of free resources online to help you cross-reference information you see on social media. About 35 percent said they sought out budgeting or tax advice, respectively, while 29 percent said they were looking for advice about credit card debt. Nearly a quarter of respondents also said they were looking for advice on credit card rewards and points, investing in the stock market, home buying or opening a credit card/ bank account. Worth noting, said authors of the report, is an additional 22 percent of Millennials who said they received advice on investing in bitcoin or crypto. Overall, the report points to younger generations confusion about investing, filing taxes and credit score factors and a list of personal finance topics, like 401K vs Roth IRA options and stock market investments, that are seen as daunting.  For More WWD Business News:  Data Predicts Three Distinct Shopper Profiles of Summer 2021  Klarna Report Uncovers How Consumers Plan to Shop Post-pandemic  PayPal and BigCommerce Highlight Post-COVID-19 Consumer Behaviors in New Report