In April 2020, during a significant stock market downturn due to the Covid-19 pandemic, Amy Ryan sought investment advice online, leading her to finance influencer Kevin Paffrath. Despite her previous experience as a saver, she panicked and sold her portfolio, fearing further losses. Trusting Paffrath's insights, she invested in his course and began following his investment advice. This trend highlights the dual nature of social media as a source of accessible financial education for novice investors, juxtaposed with the risks of unqualified guidance from popular content creators known as fin-fluencers, amidst regulatory challenges in the industry.
Amy Ryan, a 43-year-old sales engineer from Wales, found guidance from fin-fluencer Kevin Paffrath during the 2020 stock market crash, leading to investment decisions based on his advice.
While social media offers easy access to financial advice for inexperienced investors, the risks of unqualified recommendations from fin-fluencers raise concerns about promoting high-risk assets.
Collection
[
|
...
]