The rise of finfluencerso financial influencersis far from allowing the democratization of knowledge so that more people manage their money better, but is putting the income and savings of new generations at risk. With magic solutions, alleged errors in the banking system and high-risk investments, more and more people see their salaries in danger.
According to a report by the CFA Institute of the United States, Generation Z – people who were born in the late 90s or early this century – are particularly vulnerable to trusting popular profiles on social networks when thinking about how to manage your money.
The temptation to have free and immediate financial advice, without having to spend on professionals or taking the trouble to investigate the risks, is sometimes too strong.
In the research, some participants stated that they felt FOMO (fear of missing out) if they did not invest in the trendy cryptocurrencies or that they felt admiration and even envy for influencers showing off their lavish lifestyles with shopping, vacations and new cars financed by their “smart investments.” But not everything that generates likes is true.
It is estimated that more than 60 percent of videos shared with the popular hashtag #StockToklinked to tips for investing in the stock market, contains inaccurate or misleading information and only 20 percent of finfluencers He is clear about his experience in the field or the benefits he achieves by advising an investment.
Sometimes the consequences are tragicomic. A few days ago, for example, they went viral on TikTok videos that talked about an alleged failure in ATMs of the US bank Chase which allowed any customer to withdraw “unlimited free money” by depositing fake checks for large sums of money. According to the instructions, some of these fraudulent deposits were credited to the accounts before the error was discovered.
However, this viral trend is far from being new and much less from being a computer failure: it is, quite simply, a scam. Chase Bank He did not offer details, but he did confirm that he saw an increase in fraud attempts and an X user posted a video of people lining up at an ATM, possibly trying to become millionaires.
How to avoid falling into the traps of false financial specialists? The key seems to be to keep a cool head and use common sense. Must be skeptical of advice that sounds too good and remember that our grandmothers were right when they said that it is never a good idea to have all your eggs in one basket and you have to diversify your investments.
In times of global crisis, people look for financial shortcuts But serious advice from reliable and professional sources is crucial to building a solid future. Also, why would a young man who became a millionaire with cryptocurrencies need our like or sell us a course that costs a few thousand pesos?