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Social media has revolutionized the way many people live, work, and communicate with others.

Platforms like X, TikTok, Instagram and others exist beyond allowing everyone to keep in touch with their families and friends. These platforms are likewise relied upon for professional advertising, keeping up with the news, and following your political leaders and representatives.

All things considered, social media will keep playing pivotal roles in the lives of everyday people. Today, businesses, politicians, and others have accounts on these platforms to connect with consumer, constituents, and the general public.

One relatively new phenomenon, however, is the rise of younger people who are depending on social media for financial advice.

A critical, yet questionable, resource for young people

According to a Prolific study, almost eight in ten millennials and Gen Zers have used social media platforms to ascertain how to manage their money. This comes as over three in ten people in these demographics lack financial stability, with many living from paycheck to paycheck.

In spite of this, officials are warning young people to tread carefully. Financial adviser Pattie Ehsaei wants folks to understand just because something sounds good, this doesn't make it worthwhile.

Ehsaei also stressed that many online users who provide financial advice lack the credentials or background to be doing this. It can lead millennials and Gen Zers astray by encouraging them to make choices that actually worsen their financial standing.

Commentary pertaining to stocks, in particular, is where the financial adviser wants young folks to be cautious about who they take advice from. Ehsaei emphasized no one has the ability to predict the stock market's future.

Of all social media sites, TikTok remains quite popular among young people. Though 63% of the stock-related advice on the platform is "misleading" and shouldn't be followed, per Ehsaei.

How millennials and Gen Zers can improve their finances

Young people who are struggling to pay the bills don't have to rely on questionable social media influencers. The following options can help the youth bring in extra money and avoid getting taken advantage of by unqualified financial advisers:

• Picking up freelance work on Upwork
• Driving for Uber, Lyft, or Welcome Pickups
• Delivering food for UberEats, DoorDash, GrubHub, or Postmates
• Grocery shopping for Instacart