SURVEY SAYS: Getting Financial Help From Social Media

Last week, I asked NewsDash readers, “Do you feel social media can be a source for reliable financial help?” I also asked, “Have you ever used something on social media to help you make a financial decision?”

More than half (55%) of responding readers work in a plan sponsor role, 14% are/work for recordkeepers/TPAs/investment consultants, 27% are advisers/consultants and 5% are CPAs.

Fifty-four percent said they feel reliable financial help can be found on social media, depending on the source of information. Approximately one-third (32%) said reliable financial help cannot be found on social media, and 14% indicated they don’t know or are unsure.

However, the vast majority (86%) of responding readers reported that they have never used something on social media to help them make a financial decision, while 14% have.

While a few readers who left comments said they think social media could be a place to get basic financial information or education, most firmly believed social media should not be trusted for financial help. Several indicated they would only talk directly to their adviser/broker. There is no Editor’s Choice this week.

A big thank you to all who responded to the survey!

Verbatim

If the social media platforms do as poor a job policing this stuff as they have on politics and COVID, we’re all doomed…

I am not sure if reliable financial help can be found on social media as the term is very broad. If a person is using social media to navigate to a reputable entity for information, then yes. If a person is relying on input from their “friends” on social media for advice, then no. I prefer knowing my financial advisers and meeting with them face to face.

Social media is just that – social. While there are reputable sources posting financial information, the topics and answers would have to be very broad and general. If you’re not talking to a financial professional who can help decode the language, as well as decipher what is actually being asked, the information garnered can do more harm than good. Each person has a unique financial fingerprint, and answers without follow-up or in-depth discussions can lead to making bad financial choice.

I think social media can be a great way to share basic financial concepts and improve financial education.

It is odd to think of financial “influencers” without thinking that they are pushing something they aren’t 100% knowledgeable on or are getting some type of kickback on.

Instead of using social media I find it best to speak to a financial adviser in person.

I still rely on my instincts and prefer to discuss financial issues with my broker or other trusted financial managers. I like hands on, face to face information from where/whom I know the source.

I surely wouldn’t use social media as my only source, but I do find it can introduce me to various subjects or products for me to investigate.

Misinformation is a real problem with today’s social media. I think there is a lot of good information out there, but it might be hard to tell the good source from the bad in the current environment.

I suppose if you trust social media to self-diagnose medical issues, then you trust it for your financial advice. But I wouldn’t recommend either.

“Buyer beware”

I usually take things I see on social media with a grain of salt, but who knows that could change.