‘Finfluencer’: You should take financial advice from people on TikTok?

'Finfluencer': You should take financial advice from people on TikTok?

There is now a growing trend of so-called “finfluencers.” It’s a new space for people offering financial advice to people who want to learn how to use their money, but is it safe?

SAN DIEGO — Some social media influencers can make hundreds of thousands of dollars depending on their number of followers and outreach success.

Highlights

  • And while it looks legitimate, experts in San Diego say it’s something you should be careful about.

  • TikTok has recently become the go-to spot for advice and insight on everything from makeup to dances… and now personal finance.

He said many times people with no experience will use the platform to share information that is not from a credible source, simply to gain followers.

“TikTok has a lot of useful information but what’s really bothersome is that there are some that are not financially educated,” said Raymond Donegan Jr, a local financial education consultant. 

“Always check your resources. Regardless of what age you are, social media tends to spew out a lot of information – a lot of that information is not fact-checked,” said Donegan Jr.

A financial advisor for 25 years and author of “The Power to Get Wealth,”  Rory Douglas said his social media videos have gone viral. 

Douglas said accurate information on TikTok is hard to come by. He said it’s important to validate information before believing it and young people especially need solid financial help. He offers free financial webinars. WATCH RELATED: Mesa College professor goes viral on TikTok debunking misinformation