Did you know that more people are taught how to dance, put on makeup and score travel points than to handle their finances? As people turn to social media platforms for easy life hacks, those outlets have exploded with free investment advice.
It may sound exciting to be able to DIY when it comes to investing, but there are good reasons to be wary of financial advice on platforms like TikTok.
Fortunately, more adults are doing okay financially, according to the Federal Reserve’s 2023 Report on the Economic Well-Being of U.S. Households.
Much of the improvement in household financial stability is due to the economic stimulus given to relieve COVID-19 financial pressures. Additionally, while the economy still is grappling with higher-than-desired inflation, current indications reflect an improving economy.
The same study found that only 68% of American adults, when confronted with an unexpected expense of just $400, said they would be able to cover the expense with cash or a credit card charge paid off at the next statement. The remainder would either need to borrow or sell something to cover the expense, or they simply couldn’t afford it.
Improvements in overall financial literacy would help narrow…
