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

TSX getting you down? There are always sound investment alternatives.

Latest News

The best GIC rates in Canada for 2025 + MORE Dec 8th

GIC comparison tool Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance. Why trust us MoneySense is an award-winning magazine, helping Canadians navigate m.... More »

Individual vs. joint investment accounts: What every couple should know Oct 16th

Losing a spouse is devastating. Losing access to the family’s savings on top of that? Heartbreaking—and more common than many Canadians realize. Imagine waking up after your partner passes away, only to discover that a $400,000 investment account is frozen. Months drag on while the courts approv.... More »

The best GIC rates in Canada for 2025 + MORE Dec 29th

3 regional Indigenous tourism boards separate from ITAC amid ongoing financial concerns - CBC May 15th

3 regional Indigenous tourism boards separate from ITAC amid ongoing financial concerns CBC.... More »

EQ Bank aims to become a household name + MORE Feb 20th

Canada’s seventh-largest bank is a lender the vast majority of Canadians have never heard of. It has no branches, credit cards, or wealth management offerings. That could all soon change, says Chadwick Westlake, who became chief executive of EQ Bank last August and already announced a transform.... More »

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…

Continue Reading On moneysense.ca »

Banks.ca constantly finds the best and most current Investment information available in Canada.

Share