Millennial parents, if you get your financial advice on social media here are 5 things to check to avoid 'misinformation' (and it's worth teaching your kids too)
Recent report shares shocking statistics on misleading financial information on social media - here's how you can fact check money advice on your social feed
![Mum looking on her phone while cuddling her baby](https://cdn.mos.cms.futurecdn.net/AUWFYhTdRZh8SSfCrU2muc-415-80.jpeg)
With living costs still high, it's no wonder that some parents need some advice on managing their family budget as effectively as possible. Knowing how to save money is key when you have a family, so you can plan your spending and try and save for your child's future. But with lots of financial advice containing confusing jargon, it can be hard to know where to turn to for help.
But for those parents seeking advice on how to manage their money, it's important to know where you can get accurate and reliable information, and where to avoid looking for tips. While older generations had no option but to turn to a professional for financial advice, younger generations are increasingly turning to social media for help. But sadly this information can often be unreliable, which could lead you to make money mistakes that could have dire consequences for your family. According to a report by stock research company WallStreetZen, almost two-thirds of stock videos on TikTok are misleading, and 95 per cent lack the relevant disclaimers. Furthermore, the research also found that a worryingly low percentage (0.8 per cent) of TikTokers actually have the relevant qualifications to be doling out the advice.
If you want to make sure you're listening to reliable advice (and want to teach your children how to do the same, so that they grow into financially confident and literate adults), then news analysis website, The Conversation, has shared five tips on how you can follow TikTok's advice to fact check your feed.
How to fact-check money advice in your social media feed
If you want to check the authenticity of financial advice on social media (or teach your teen how to check for themselves), then there are five questions to ask yourself before you act on the advice.
- Who is this person? Check their profile and see if it says that they are a regulated financial advisor
- What are they saying? If it sounds too good to be true, or they are making promises about massive returns on investment, then you should definitely be sceptical
- When was this posted? Check the time stamp on the social media post to see how recently it was posted - advice shared in older videos may be out of date
- Where are they getting their information? Reliable content creators will explain exactly where they are getting the information they are sharing, and it should be a source where you can go and find out more information yourself
- Why are they sharing this information? If the advice is flagged as an ad or asks you to sign up to something in order to get the full picture, then it's wise to be wary of its authenticity
It's also worth paying attention to where the person is posting from, as financial rules may be different in other countries. Another point to remember about video content shared on social media platforms is that they are often limited by time, so won't always be able to provide all the information, disclaimers, or warnings necessary to give you well-rounded advice.
But that's not to say you can't trust any financial advice you find on social media. Consumer champion Martin Lewis is active on social media and can be relied on to provide accurate information, as can his website, MoneySavingExpert. Government-backed MoneyHelper is also active on social media, so check for their verified profiles on your social media platform of choice. You can find links to their social profiles by scrolling down to the bottom of their website home pages, so you know you are following the official profiles.
In other news, millennials are set to become the richest generation according to a new report, and think that their approach to parenting is better than previous generations. We've also revealed the parenting rules millennials are following in 2024.
GoodtoKnow Newsletter
Parenting advice, hot topics, best buys and family finance tips delivered straight to your inbox.
Sarah is GoodtoKnow’s Consumer Writer & Money Editor - which means she writes about everything from this year's top toys and the newest toy releases, to discounts on days out and childcare costs. Sarah is passionate about helping mums save money wherever they can - whether that's spending wisely on the right toys and kidswear or keeping on top of the latest news around child benefit, the motherhood penalty. A writer, journalist and editor with more than 15 years' experience, Sarah is all about the latest toy trends and is always on the look out for toys for her nephew or Goddaughters so that she remains one of their favourite grown ups. When not writing about money or best buys, Sarah can be found hanging out with her rockstar dog Pepsi, getting opinionated about a movie or learning British Sign Language.
-
De'longhi Coffee Machine toy review - an impressive replica, but is it worth your money?
I tested the De'longhi coffee machine toy from Casdon with a four year old - here's our verdict on whether it's worth the £25 price tag
By Sarah Handley Published
-
The summer hustle isn't funny - let's not normalise what working mums are juggling
By Heidi Scrimgeour Published
-
Two-child benefit cap: what is it and will it be scrapped?
We look at what the two-child benefit cap is and the likelihood of it being abolished, amid mounting pressure on the Prime Minister to scrap it
By Sarah Handley Published
-
Are you missing out on up to £2,000 a year to help with childcare costs? Here's how to claim it
With 1.3 million parents eligible, and only 500,000 claiming it, you could be missing out on free cash from the government to help with the cost of childcare and holiday clubs over the summer
By Sarah Handley Published
-
Morrisons launches Family Picnic Box for £20, but there is a way you can get it for less
Avoid sky-high food prices, and additional mental load, on day trips with the kids this summer with this genius picnic box from Morrisons
By Sarah Handley Published
-
Holiday childcare costs up 6% says new report, with supply shortages still an issue
Working parents facing higher costs when it comes to sorting childcare provisions during the school holidays
By Sarah Handley Published
-
Parents share the devastating impact of two-child benefit cap, as 1.6m children now affected
Campaigners urge the new government to scrap the controversial policy
By Sarah Handley Published
-
Don’t miss! 50% off kids tickets at Merlin attractions, including Madame Tussauds, SEA LIFE, and the London Eye
Merlin is offering discounted child tickets at loads of attractions across the nation, just in time for summer holidays - and it's teamed up with TikTok's ice cream twins to do it
By Sarah Handley Published
-
Primary school 'costing parents £6,000' according to new research - here's 6 ways to save money
The seven years of primary school can cost parents thousands of pounds, with lunches and school uniforms the biggest challenges. But there are ways savvy parents can ease the pressure of the financial burden
By Sarah Handley Published
-
Do I qualify for a school uniform grant? Parents can get up to £200 to cover costs from July
Hundreds of councils are helping parents cover school uniform costs this year and thousands of parents are eligible for the help
By Charlie Elizabeth Culverhouse Published