Chat, is this real? The risks of following finfluencer advice Jul 23rd

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Chat, is this real? The risks of following finfluencer advice

– moneysense.ca

A new report from the Ontario Securities Commission (OSC) found that more Canadian investors are turning to “finfluencers” for financial advice, thanks to the rise of social media.

Financial influencers, or finfluencers, create digital content about personal finance, investing, retirement planning, and more. They may be unregistered individuals working independently, unregistered individuals who have been hired by financial companies or other brands, and registered finance professionals.

While some finfluencers offer credible insights, others lack credentials or have hidden incentives (such as gaining followers or earning commissions), making it hard for audiences to assess the reliability of their advice. Finfluencer content—shared on wide-reaching platforms like YouTube, Instagram and Reddit—is often fast, free, and easy to follow. It also comes with significant risks.

Money and misinformation

The OSC’s Social Media and Retail Investing report—produced in collaboration with research firm The Decision Lab—found that investors who made decisions based on finfluencer content were 12…

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