In a survey of 3,000 social media users, we found that some social media personalities have influenced people's financial decisions. More than 20 million Americans (8 %) admit to receiving and acting upon advice from social media influencers. The advice includes taxes, college loans, credit scores and credit cards, budgeting, debt, retirement investments, and even options trading. The number of people in each state takes financial advice from social media influencers is shown below.
But not every piece of advice is safe. TikTok launched the #FactCheckYourFeed campaign to prevent the spread of misinformation and prevent potential harm to viewers. People need to think and judge carefully before accepting advice, but only if they have the right financial knowledge.
63% of Americans were financially illiterate, and only 15 states require high school students to take part in personal finance courses before graduation. Strengthening the financial ability of the whole society is still an arduous task. And mobile networks can spread financial knowledge and help people learn faster. TikTok is a great push for that and avoids the spread of misleading advice.
Source: CouponBirds