Social media platforms like TikTok and Instagram have become increasingly popular sources of financial advice, especially among younger generations. But taking money tips from these apps? Not always the best move. In fact, a recent survey by Edelman Financial Engines revealed that 27 percent of adults admit to following sketchy financial advice from TikTok, Instagram, or similar platforms. That’s a pretty big red flag, considering many “Finfluencers” often lack the necessary qualifications to provide sound guidance.

The allure of social media financial advice is clear: it’s quick, relatable, and easy to digest. Short, snappy videos make tricky topics feel simple. But oversimplification can lead to risky decisions. Some viral tips, like setting up fake businesses to dodge taxes or throwing everything into volatile cryptocurrencies, sound clever but are downright dangerous. Not only can they wreck your finances, but they might also land you in legal hot water. What’s quick and easy isn’t always smart or safe.

“If it sounds amazing, it’s probably too amazing” Jean Chatzky, personal finance expert and CEO of  HerMoney.com, stressed.

A major issue is the lack of regulation on these platforms. Many influencers dish out tips without any credentials or accountability. Some even push straight-up scams or get-rich-quick schemes. And even when they mean well, their advice is often one-size-fits-all, overlooking individual financial situations. The result? People blindly follow recommendations that aren’t tailored to them, leading to financial missteps that could’ve been avoided with expert guidance.

Another danger is the “echo chamber” effect. Algorithms love to consistently push the same type of content, so once you engage with certain financial advice, you’ll keep seeing more of it—good or bad. This creates a bubble where you only see advice that reinforces what you already believe, without being exposed to counterarguments or expert opinions.

To dodge bad advice, experts suggest checking the source’s credibility, Googling for backup, and avoiding anything that promises quick wealth or guaranteed returns. Trusted sources like the IRS or Consumer Financial Protection Bureau are always safer bets for financial info. While social media can spark interesting ideas, it’s no replacement for proper financial planning. Bottom line: verify everything through credible, professional sources before making any big money moves to avoid costly mistakes.