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
