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But it’s not always wise to follow the personal finance advice you find online. Viral #MoneyTok videos may point to ways you can earn fast money, but that doesn’t mean you should trust them. Some can be schemes to get you to pay to learn about products they sell, and others are sharing their money story—mistakes and all. So, how can you filter the good advice from the bad?
Be aware of bad financial advice
Many Canadians fall victim to scams that offer a fast and easy way to make money, including many involving cryptocurrencies. In 2024, Canadians reported losses of more than $310 million to investment fraud, according to the Canadian Anti-Fraud Centre, much of it involving deceptive ads. Many victims believed they were guaranteed to earn quick cash, but they lost a ton of money instead.
That’s why it’s important to check if social media influencers (including celebs) are promoting risky and volatile investments. In 2022, for example, the Securities and Exchange Commission (SEC) in the U.S. fined Kim Kardashian USD$1.26 million for unlawfully promoting and hyping up cryptocurrency to her social media followers without disclosing her paid partnership with EthereumMax. Other high-profile people criticized for their online involvement with crypto include Paris Hilton, Snoop Dogg, Reese Witherspoon and Matt Damon.
Of course, the issue isn’t limited to crypto. Bad financial advice and outright scams come in many forms, from get-rich-quick schemes to questionable real estate strategies and “fool-proof” investment opportunities claiming to be risk-free. Always assess the risk involved in any investment. And remember, if it sounds too good to be true, it probably is.
How to know if an influencer is trustworthy
Here are five questions to ask yourself to help verify (call it your own “blue checkmark”) if a social media influencer is a good source of personal finance information.
What is their financial credibility? Finfluencers don’t necessarily need credentials (although having an industry designation is always a plus!). But you should consider their education, real-life personal finance experience, media coverage from reputable outlets, and the quality of the content they publish. This can help you identify their level of authority and their expertise on the subject matter.
Are they giving investment advice? Check if they often recommend buying specific investments, such as a specific stock they say can’t fail or pushing viewers to #buythedip (a hashtag used for plummeting stocks). Unless they are a professional financial advisor, they shouldn’t be giving investment advice. And remember that a real financial advisor will always tell you the risks involved with any investment opportunity.
Are they transparent about how they make money? Established influencers will find ways to earn money from their work—and that’s perfectly fine. But good ones are upfront about how they profit from their content, for example through affiliate partnerships, paid promotions or sponsorships. You should be able to easily identify whether the influencer is profiting from any piece of content you are relying on for information.
Are they balanced in their views? Do they seem biased in their opinions or perspectives? When they review financial services or products, are they balanced in their evaluations and comparisons? If the influencer heavily promotes one particular company or one particular approach to personal finance, consider whether they have any incentive to do so.
Are they Canadian? Personal finance varies from country to country. What can work in the U.S. or Europe may not fly here in Canada. So, if you do learn about a money hack or financial strategy, don’t just take their word for it. Do your research and/or ask a qualified advisor first before you do anything with your money you don’t want to lose.
5 personal finance influencers to follow
To make things easier for you, I’ve scoured social media and found five Canadian influencers I believe are noteworthy and provide quality personal finance content. Here they are, in no particular order:
Janine Rogan
Platforms: Instagram, X/Twitter, YouTube, LinkedInHometown: Calgary, : Chartered Professional Accountant (CPA), keynote speaker and author of The Pink Tax (read an excerpt)Specialty: Teaching women how to build wealth and smash the #PinkTax
Why she’s worth following: Rogan is an advocate for financial equality. The best-selling author’s new book, The Pink Tax, addresses important issues such as the wage gap and how it impacts women’s financial success.
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