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Social media isn’t just for cute pet pictures and vacation videos. It’s where many investors — especially young ones — get advice about the markets.
From trading stock tips on Twitter to speculating about crypto on Reddit, online platforms influence how we invest our money.
The Penny Hoarder polled nearly 2,000 investment app users in December 2021, and 44% of respondents get investment advice from Facebook. YouTube is also a platform of choice for 44% of respondents.
The survey highlighted other behavioral trends among investment app users, who are dabbling in meme stocks and taking investment tips from celebrities.
Which Social Platforms Do Americans Turn to for Investing Advice?
Investment app users of all ages rely on social media to make investing decisions — but the specific platforms they use vary by age group.
TikTok, YouTube and Instagram are the most popular social media sites for investment advice among young survey respondents. Nearly half of respondents aged 18-24 say they used TikTok to get investing advice, according to the survey.
A whopping 90% of young respondents used at least one social media platform to get investment advice, compared to 75% of respondents aged 54 and older.
Meme Stocks Attract New Wave of Investment App Users
The rise of controversial meme stocks in 2021 did something a decade-long bull market could not: Get hordes of new (and young) Americans to start investing.
Meme stocks are companies that go viral on social media platforms like Reddit and quickly skyrocket in price.
Gamestop, Bed Bath & Beyond, Blackberry and Nokia were the most popular meme stocks among investment app users.
Survey data reveals young adults were the most likely to report buying trendy stocks: Nine out of 10 respondents aged 18-24 said they used an investment app to purchase a meme stock.
The survey also shows that many young adults began investing in the last two years: 71% of respondents aged 18-24 got started in 2020…
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