Depending on where you look on social media, making money seems to be straightforward. Learning how to buy a property in the UK with no money, or getting the basics of being a day trader in 30 minutes, are both lessons on YouTube, along with a plethora of advice on how to earn from cryptocurrency. Meanwhile “finfluencers”, with varying degrees of knowledge, have blossomed on Instagram and TikTok.
But the standard of advice varies widely from grounded, sage information on how to invest, to unregulated personalities offering shallow quick takes without fully setting out the pitfalls of what might happen to your money.
It’s a particular problem for young people. Those aged 18 to 34 are more likely to have built up an interest in investment from social media instead of traditional news websites, according to research from investment firm Hargreaves Lansdown.
So how can consumers ensure what they are watching and reading is credible?