According to a report by Edelman Financial Engines, over a quarter of social media users said they encountered false or misleading financial advice online, especially among those in their 30s.
The findings highlight that 42% of users in their 30s have been misled by financial advice on social media, with nearly 19% falling for misinformation multiple times.
The report indicates that constant exposure to curated lifestyles online can lead to dissatisfaction with personal finances, particularly for younger social media users.
There's a troubling trend among young adults, with those aged 22-24 showing higher delinquency rates on loans than the preceding generation, exacerbated by misleading online financial advice.
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