Nearly half of Gen Z social media users say they've felt negatively about their finances after seeing posts from others. 46% in Bankrate's survey admitted to posting things to make themselves look more successful. 62% of all survey participants said they thought people they followed did as much as they did.

Gen Z investors say they're more likely to get financial advice from TikTok and YouTube than from a financial advisor. If you follow money advice you find on social media out of a need to keep up with the virtual Joneses, you could find yourself in big trouble.

"Young people are listening to financial advice that may be totally inappropriate," says Klontz. "I like to think of social media as a scrapbook filled with the best parts of people's lives," says Foster. "That can result in your comparing yourself to an unrealistic portrayal of someone else's life," he says.

People are willing to abandon some of their skepticism over advice they're seeing online, says Foster. "You saw that during the meme stock phenomenon where people were posting huge returns," she says. "Your brain doesn't know it's unidirectional. It creates a false relationship," Foster says.

approach any advice you find online with a critical eye, experts say. Financial advice is rarely one-size-fits-all, which is why you won't find many financial advisors giving tips on social media. "Almost no one who gets on here is an actual pro because they're too afraid"
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