TikTok, Gen Z's financial adviser, can be "risky to rely on," experts say
SalonOn a given day, Andrea Fernandez will go through her TikTok feed, which usually consists of cute animal videos and fashion flips sprinkled with a bit of MoneyTok — videos that share financial tips and information. "TikTok can be a fun place for Gen Z to start learning about money, but it's risky to rely on it for real financial advice," said Anna Sergunina, a certified financial planner and president and CEO of the Los Gatos, Calif.-based Main Street Financial Planning. "There's a lot of incorrect information passed off as education or even advice and can have unexpected consequences if acted upon," said Chris Mankoff, a certified financial planner at the Plano, Texas-based firm JTL Wealth Partners. "It's not really a good way to decide exactly what to do with your money" Here's what is typically considered good or safe advice on TikTok: Budgeting tips. "The great gift of TikTok on the financial side is exposing people to all of the opportunities and risks out there in the world of finance," North said.
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