27% of adults have taken bad money advice from TikTok — here’s why so many people get duped

by Jessica Dickler, CNBC

From putting your toddler children on your payroll to claiming your car as a business expense, TikTok is chock-full of potentially bad money advice.

Yet, financial TikTok, also known as #FinTok, is one of the most popular sources for financial information and tips, particularly among Generation Z.

Now, 27% of social media users say they have fallen for financial advice or information on social media that turned out to be false or misleading, according to a new report by Edelman Financial Engines.

Roughly 20% have even fallen for such misleading content multiple times, the report found. Edelman Financial Engines polled more than 3,000 adults over 30 from June to July.

 

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