Learning to save and invest is more accessible than ever thanks to social media like TikTok. But there are potential pitfalls, say personal finance experts — including influencers themselves.
"There are people who resonate with the content that I post, and they trust me and so they trust my advice," says Lemire, whose TikTok videos have racked up more than two million views."But there are people who don't resonate with my content and so they don't trust my advice."
Financial planner Lazetta Rainey Braxton says it's"wonderful" that social media influencers motivate people to get their finances in order, but influencers can't provide in-depth financial advice. There's no replacement for professional, time-earned expertise, she says. Ngo says she recommends her clients do three things: open an emergency savings fund account, lay out financial goals for the next one to five years and then consider goals beyond that.In 2010 and 2011, bloggers were creating the same sort of relatable content, putting out their stories about getting out of debt and reaching financial milestones — just as TikTok influencers are doing today. Mandi Woodruff, 35, followed that burgeoning scene back then.
Typically, people start to learn to save and invest from their parents or close relatives, often leaving people from under-resourced groups behind, Woodruff says."Our parents typically don't have the resources or knowledge themselves."For Anisha Singhal, a senior at Stuyvesant High School in New York City, learning personal finance is a priority.
Peng says his students are very engaged during lessons, and plenty of other students have asked to audit the course.
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