BLUF
More young people are turning to social media for financial advice, which can lead to fraud and privacy issues. Older individuals' cautious approach could help mitigate the risks of seeking advice online.Summary
Kate Dore writing for CNBC News makes these points:
- Despite the risks of who to trust and whether the information is accurate, social media has become the most popular source of investment ideas for younger investors
- Investors should be aware of privacy factors as advisors collect data and analyse your answers before offering advice
- The Financial Planning Association or the ADF Financial Advice Referral Centre can provide helpful information about financial matters.
References
Recent Runway Posts related to this topic:
- USAGOV: Common Scams and Frauds – TheRunway (airforce.gov.au)
- How do you spot a scam? Listen to how someone tells you to pay – TheRunway (airforce.gov.au)
References from the Web :
- MAR 2022 Unlicensed Instagram and TikTok influencers offering financial advice could face jail time, Asic warns – The Guardian
- JUN 2022 The rising role of social media ‘influencers’ – Deloitte
Source Information:
- Article Source: CNBC News
- Media Check: CNBC News/Media Bias Fact Check(mediabiasfactcheck.com)
- RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC
