Each week, we are sharing a financial wellness tip to help you make the connection between financial management decisions, your overall wellness, and student success. Money touches every aspect of our lives, and a lack of financial literacy can cause unnecessary stress and negatively impact our mental and physical health.
Social Media and Financial Literacy
Given the current economic climate - including soaring inflation, high gas prices, and increasing personal debt - many of us are searching for ways to relieve financial stress. We often find ourselves turning to social media to seek out helpful information, but need to keep in mind that it is not always accurate. Be sure to keep the following in mind next time you're scrolling:
- Being an “influencer” is a business: Influencers get paid based on clicks, likes, followers, and their ability to influence their audience’s decisions. It’s important to always question any “statistics” that they may offer, check their sources, and do your own research.
- Good content educates, bad content sells: If an influencer says to “monitor your expenses and look for ways to reduce spending,” - that is some good advice that educates you. If they say "click here and use this product to monitor your expenses and look for ways to reduce spending,” it is most likely their way to try to make money - it’s self-serving and most likely not in your best interest.
- If it sounds too good to be true, it probably is: If there was a real investment that could promise high returns with no risk, it wouldn’t be a secret!
At the end of the day, the general rules for personal finance - from budgeting to investing - haven’t changed in decades. There is no “get rich quick” trick or advice. To protect yourself - ask questions, do your own research, question everything an “influencer” says about money and always question their source data. Lastly, ask for help and discuss your financial plans with a reputable and certified financial professional.
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