How Social Media Is Shaking up Financial Guidance

Social platforms have changed nearly every part of modern life — including how Americans get their money advice.

Younger generations are more likely to scroll TikTok and Reddit for the latest investing ideas. At the same time, many older Americans tend to consult financial professionals or ask knowledgeable friends and family for advice.

The gap reveals not just changing habits, but a need for careful consideration before following any investment tip.

Younger generations turn to social media

Gen-Z leads the way in looking to social media and the internet for financial guidance. Nearly three-quarters of Gen-Z respondents, 72 %, in a recent national study by Charles Schwab said they consider financial information from these platforms, compared to 57% of Millennials and just 38% of Gen-X.

Meanwhile, Boomers remain the least likely to get money guidance from social or web sources.

Even as habits shift, older generations tend to scrutinize sources or rely on advisors and family instead.

As online tips become more common, especially on fast-moving platforms like TikTok, it pays to pause before acting. According to Charles Schwab, taking a moment to check if the advice lines up with what trusted professionals or family members would recommend can help safeguard your finances.

Advice from professionals still leads the way

Across all age groups, Americans trust financial professionals, accountants, and family more than any advice they spot on social media.

Recent surveys from Charles Schwab show over 70% of Boomers and nearly as high a share of Gen-X and Millennials look to professional advisors or investment firms. For Gen-Z and Millennials, family remains a strong second.

Social media trails at the bottom: less than a third of Boomers trust these sources, while Gen-Z is unique in giving passing marks to apps like TikTok or Reddit for money information, according to Charles Schwab.

Given these trends, it makes sense to run any promising online tips by an expert or talk through them with a knowledgeable friend before making big moves with your money.

Misinformation and the need for caution

According to Charles Schwab, most Americans still consider social media the least reliable place for money advice. Gen-Z is more open to online voices, but even they tend to double-check what they find, giving much lower trust scores to TikTok or Reddit than to professional sources.

Older adults overwhelmingly give social media failing marks.

This caution isn’t misplaced—viral tips may sound exciting but can miss important details, put your money at risk, or come from questionable users. Taking time to discuss the latest trend with a professional or someone you trust can help keep your finances, and your peace of mind, steady in a world of online noise.

Finding reliable guidance in a noisy world

Americans have more places than ever to find financial advice, but blending new ideas with solid research and professional insight remains the surest way to keep your financial future on track.