Thulisile Nkomo of NFBwealth discusses the dangers of accessing financial information online and offers tips to separate fact from fiction on MoneyRules with BoitumeloNtsoko. Download the podcast below to learn more. Moneyweb FinancialAdvice
BOITUMELO NTSOKO: Social media has been a game-changer in communication and information sharing, and platforms such as TikTok, YouTube and Twitter have become popular avenues for people seeking free financial advice. This has led to a rise in ‘finfluencers’ who promise great tips to help you reach financial freedom. However, it can be dangerous to take money advice from social media and ‘finfluencers’.
So most users relate more to it and it also creates a safe space to talk about money because if we look in the past, talking about money was seen as taboo. As a result, the intention might not actually be to your benefit as the user. And many content creators may not even have the skills or experience to even offer the professional financial advice.
THULISILE NKOMO: In essence, to give out any form of financial advice to a person, you need to be a representative of an authorised financial service provider [that is] registered with the FSCA [Financial Sector Conduct Authority].So influencers should rather take a similar route because issuing a licence will paint out a full picture that they’re qualified to offer financial advice, whereas in actual fact [if they haven’t done this] they are not.
They create, well, awareness about financial literacy and they also help in general financial literacy because some people might not have the know-how [in terms of] finances.BOITUMELO NTSOKO: Before we wrap up, do you have any final advice for our listeners regarding accessing financial advice on social media? Is there a way for them to use these platforms to their advantage?
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