Be cautious of financial advice on social media: Expert

Young people turning to social media for financial advice from influencers should be cautious, one expert warns.

However, Zhang said it is crucial to understand what credentials a financial influencer might have. She said it is important to understand if an influencer is qualified to provide financial advice and that people should understand how those dispensing advice get paid.  

“All influencers have some way of deriving income from what they're doing. So it's super important to understand, especially when they're finfluencers [financial influencers], how they're being paid,” she said. 

“And then finally, if something feels too good to be true or it's jumping on a trend, really ask yourself to get a second opinion.”