A reliance on social media for investment advice has led to some concerning results.

While celebrities and lifestyle gurus are perhaps most known for hawking beauty aids, diet fads, and healthcare and wellness products, they have increasingly turned to promoting investment strategies.

Their recommendations are taken to heart by Generation Z – those born between 1997 and 2012 – who are notoriously leery of traditional institutions. For example, a September 2023 poll by Gallup indicated that 40% of Gen Z has “very little” trust in the news, and that there is significantly more trust in information found online.