For Gen Z, TikTok is on its way to replacing Google for information searches. This is hardly surprising: If you've ever lost track of time scrolling through your "For You" page, you know you can find tips on just about everything under the sun -- including finance.
More than one-third of Gen Z turn to TikTok for money advice. One could argue that this is a positive trend. After all, it shows that young Americans are seeking financial knowledge. The problem is that some of this advice might not be accurate.
Some of it may even result in legal trouble.
We spoke with an attorney and a credit counselor who've seen firsthand what can happen when people listen to bad money advice on TikTok. Here are the "FinToks" that can land you in trouble -- and tips on how to avoid bad financial advice on social media.
The devil's in the details
Michelle Creeden and David A. Gelinas work for the National Legal Center where they help people dealing with credit and debt issues. Creeden is an attorney licensed to practice law in New Hampshire and is experienced in consumer and debtor rights. Gelinas has over 20 years of experience in credit counseling, not-for-profit debt management and debt resolution.
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