Stop Taking Investment Advice from Social Media

A boom in young and overconfident investors has led to the rise of investment influencers on social media platforms, but following their advice blindly is not a solid strategy

Sunniva Kolostyak 16 June, 2021 | 1:31AM
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I am a big fan of social media – I use it to decide which clothes to buy, what food to eat, and even which landmarks to visit on holiday. So, it felt natural to let these online platforms tell me which assets to invest in too, especially after seeing how much money some people made in January.

Unsurprisingly, I have not been alone in starting my investment journey this year. Younger investors have been flocking to investment apps for the first time, with one in 10 Generation Zs (those born between 1997 and 2015) starting to invest as a direct result of the GameStop (GME) saga. And while I'm technically a millennial (just about) rather than a Gen Z, I completely get the appeal.

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About Author

Sunniva Kolostyak  is data journalist for Morningstar.co.uk

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