Social media’s financial advice can hurt your wallet, new study finds [Video]

Finances can be a confusing space to navigate, and often, social media feels like a place that might make it make sense. People talk honestly about their financial woes online, and it can make you feel more open to following their advice — mainly because you don’t have to pay for it,

Influencers on TikTok will tell you to get a high-yield savings account, or maybe they’ll tell you not to. They tell you how to invest or get an unstressful job you like that pays well. They tell you what you’re doing wrong — which, it turns out, is probably everything. They break down their paychecks and tell you why the advice you’re following — on the very site you’re following them — is messed up.

If that seems confusing, it’s because it is. A new report by Edelman Financial Enginesfound that “more than a quarter of social media users (and 42% in their 30s) said they believed financial …