A Third or More Young Investors Acted on Misleading Online Financial Advice
COLUMBUS, Ohio, Dec. 4, 2023 /PRNewswire/ -- As investors become inundated with financial advice in the news and on social media, misguided advice from unqualified sources – such as relatives, generative artificial intelligence (AI) or online influencers – has become more prevalent and actionable. However, willingness to implement and trust financial advice from online sources varies by generation, according to Nationwide's ninth annual Advisor Authority survey, powered by the Nationwide Retirement Institute.
- That's why it's important to scrutinize the financial information you find online – or better yet, turn to an advisor for help ."
- Younger investors, whose upbringing has coincided with the rise in online information (and misinformation), are navigating the financial advice they find on the internet differently than older investors.
- More than four in ten (41%) Gen Z and 34% of Millennial investors have encountered, then acted on misleading or factually incorrect financial information seen online or on social media.
- By contrast, older investors appear to be more cautious about online financial information, making them less likely to fall victim to misleading advice: just 6% of Baby Boomer investors have acted on misleading or factually incorrect financial information seen online or on social media — the least of any generational cohort.