Gamestop sparked a frenzy on Reddit that lit up TikTok; the dizzying rally for the game retail retailer's stock that followed helped establish social media as one of the most popular sources of financial information, tips and advice, particularly among Gen Z, according to a new CreditCards.com report- second only to friends and family for the 18- to 24-year cohort.
In fact, Gen Zers are nearly five times as likely to say they get financial advice- including stock tips- from social media as adults in their 40s or older, the report found.
More from Invest in You: Giving an early financial education to children pays off.
These mistakes can erase any money you make on the market.
How much money does it cost to save 2 million by 40?
According to a separate survey by Greenlight, almost half of teenagers learn about investing from social media despite ranking it as one of the least trustworthy sources for investing advice.
Roughly 38% of teens turn to TikTok and one-third go to YouTube, Greenlight found.
One quarter go to Instagram for personal finance and investment advice.
Greenlight polled more than 1,000 teenagers between the ages of 13 and 20 from Feb. 26 to March 2. In March, CreditCards.com surveyed more than 2,600 adults.