Nearly 80% of young adults rely on social media for financial advice, but a report by Social Capital Markets reveals that 71% of advice consumed by Gen Z and Millennials is misleading, with only 13% of influencers having relevant qualifications. The study analyzed 2,470 TikTok, YouTube, and Instagram videos, finding that 83% lacked disclaimers and 57% implied guaranteed returns, with TikTok being named the riskiest platform for financial advice due to 91% of videos lacking disclaimers and 70% encouraging stock purchases.
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