Abel Lee, managing director of Money

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In addition, 70% of respondents passively obtain financial advice from social media, which means that even if they do not actively seek financial-related content, they may be affected by it.

In addition, 10% of respondents (12%) said that the large amount of financial information on social media has made them feel more confused or overwhelmed, proving that they need more guidance to digest this information. These findings serve as a reminder of the dangers of unverified financial advice and the importance of seeking true financial guidance from trusted sources.

Smart Singapore and Hong Kong, said: " Our research reveals that the way adults in Singapore and Hong Kong access financial advice has undergone a significant shift, with social media replacing traditional channels as mainstream. Although more people are seeing positive Money management is inspiring, but it's especially important to make sure the information they rely on is trustworthy and accurate. At MoneySmart, we're committed to more than just connecting consumers to personal financial products. Well-researched financial advice and practical guidance to help them make important financial decisions - whether that's investing, saving, budgeting, or choosing the right credit card, loan or insurance plan.

While social media makes financial advice more new zealand whatsapp mobile phone number list accessible, it also creates the risk of unverified sources of information. In a time when unproven financial advice is prevalent, we focus on providing the tools, comprehensive strategies and curated recommendations that individuals need to make informed decisions and lead them to achieve their ideal financial goals. "

How to Beware of Bad Financial Advice and Make Smarter Investment Decisions

As financial centres, Hong Kong and Singapore face the same challenges and opportunities when exploring different financial advice on social media. Industry experts from both places, including Ethel Yow, social media and content manager for Asia Pacific and the Middle East at IG Markets, and Joe Yu, head of marketing at Futu Securities, the largest licensed technology brokerage in Hong Kong, provided valuable insights on how to deal with social media investment advice , hoping to help consumers make informed decisions and avoid falling into common pitfalls.