For younger generations who have long looked to social media to learn new information, from cooking lessons to makeup tutorials, TikTok and Instagram are just the places to discover financial advice — according to new survey data from Credit Karma.
In fact, according to the recent study conducted by Qualtrics on behalf of Credit Karma, 56 percent of Gen Z and Millennials intentionally seek out financial advice online or through social media with more than half of Gen Z respondents admitting they have taken financial advice from someone they didn’t know online.
Across all social media channels, Instagram was revealed to be the top social platform sought out from financial information by Gen Z and second for Millennials, who were slightly more likely to turn to Facebook. Still, these advice seekers aren’t looking to just anyone. According to the report, 75 percent of those who have sought out financial advice say they follow specific social media influencers who create content relating to personal finance.
Moreover, 45 percent of those who have sought out financial advice from someone they didn’t know say they have put it into action and 69 percent of those who took advice said the advice they received made a positive

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