After Gamestop, more and more people are turning to TikTok, Instagram, for money

Gamestop sparked a frenzy on Reddit that made TikTok glow.

The dizzying rally for the gaming company’s shares that followed helped establish social media as one of the most popular sources of financial information, tips and advice, especially on Gen Z, according to a new report from CreditCards.com – according to friends and family in second place the 18-to-24 cohort.

In fact, Gen Zers are almost five times more likely to report getting financial advice – including stock market tips – from social media than adults in their forties or older, the report says.

More from Invest in You:
Giving children an early financial education pays off
These mistakes can erase any money you make in the market
How Much Do You Have to Invest to Save $ 2 Million by 40?

According to a separate survey by Greenlight, which provides debit cards and savings accounts for children, nearly half of teens learn to invest through social media, despite being ranked as one of the most untrustworthy sources of investment advice.

About 38% of teens turn to YouTube and a third to TikTok, according to Greenlight. A quarter go to Instagram for personal financial and investment advice.

Greenlight surveyed more than 1,000 teenagers between the ages of 13 and 20 from February 26 to March 2. CreditCards.com surveyed more than 2,600 adults in March.

Just like you probably shouldn’t buy this hot tip from your cousin, the same applies here.

Ted Rossman

Senior Industry Analyst at CreditCards.com

Comments are closed.