As higher inflation and rising interest rates send markets into a spin, investors who use tips from unlicensed social media influencers are taking even bigger risks. | jcollett_money
As higher inflation and rising interest rates send markets into a spin, investors who use tips from unlicensed social media influencers are taking even bigger risks with their money, compared to when markets were consistently on their way up.
The Australian Securities and Investments Commission has long warned investors that they can get their fingers burned by acting on the advice of unlicensed financial influencers, or “finfluencers”. Those aged between 18 and 24 are most likely to consider finfluencers to be trustworthy, according to a survey of Superhero users, with 20 per cent saying they trust finance-related content creators.That contrasts with investors on the platform aged 55 and over, with just five per cent of those surveyed saying they trust finfluencers.
The ASIC-sponsored survey found that 43 per cent of over-55s were more likely to say they were investing for the long-term, versus 24 per cent for those aged 18-34. Older investors were also more likely to say their investment portfolios were “well-diversified” compared to younger investors.
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