Getting advice on finances and spending can be tricky - especially depending on the source of that advice.
A new survey from "Morning Consult" shows where Gen Z and Millennial adults - ages 18 through the late 30s - are getting their financial information.
The survey showed that nearly three-quarters, 73%, say that friends and family have the largest an influence on their financial decisions.
When it comes to social media, Reddit, TikTok, Facebook and Instagram are continuing to grow in popularity in the finance sector. All four of the sites garnered about 30% of respondents saying they seek financial advice from creators and "influencers" on the individual platforms, with Facebook as the lead.
The issue with using social media for money tips, according to experts, is how difficult it is to vet the legitimacy of the advice - and unfortunately, it's caused young people to become the victim of financial scams.
According to data from the FTC, "people in their 20s and 30s...are 25% more likely to report losing money to fraud than people 40 and over generally, and much more likely to report a loss on certain types of fraud."
Financial planners and the FTC are warning against falling for personalities on social media who claim they've wiped out significant debt or made a lot from little known stock or business ideas.
Experts recommend for those looking to get financial advice they can trust, the FDIC website (FDIC.gov) has several free financial tools specifically targeted for young adults.