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NextGen Magazine


Poll: For Investment Tips, Young People Prefer Social Media

Chris Gaetano
Published Date:
Aug 26, 2021
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While previous generations would read the broadsheets or hobnobbed in high society, young investors today prefer social media to find out where the next big opportunity is, according to a recent poll, CNBC reported. The poll was conducted by both CNBC and Momentive, a market research company.

The poll of about 5,500 U.S. adults found that, among those between the ages of 18 and 35, more than a third, 35 percent, get their investment advice primarily from social media, compared to just 15 percent of those aged 35-64 and 4 percent of those aged 64 and up. This lines up with similar findings: A TIAA survey found that 34 percent of people trust financial advice from social media influencers and celebrities. A survey by Motley Fool, meanwhile, found that a whopping 91 percent of people aged 18 to 24 rely primarily on social media for investment tips, far more than those who rely on friends and family, podcasts, traditional investing sites and other other sources. The Motley Fool survey said that younger people see social media as more relatable, as it offers more entertaining, easier to digest chunks of information, compared to more professional sources. 

But CNBC warned that, unlike investment professionals, advisers on social media can be a mixed bag, with widely varying levels of expertise. In many cases, they might not have any training at all. With this in mind, investors might want to try to combine both worlds by turning to social media influencers who are also financial professionals. Then again, that might not always work out either