From Kim K to the Paul brothers, influencers are shelling out investing advice and touting risky tokens over social media — and it’s often their young followers who are left paying the price if the market plunges.
There’s been a big shift toward younger people entering the financial markets over the past decade, notes Taylor Lorenz, a technology and internet culture columnist for The Washington Post.
And over a quarter of Gen Zers receive their financial advice from social media, according to the National Association of Personal Finance Advisors.
“Young teenagers are purchasing things like NFTs and other speculative investments, and often participating in online communities that pump the prices of these things,” says Lorenz.
“So it’s kind of ‘Lord of the Flies’ out there right now in our financial system.”
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