Christopher Liew, a financial expert, cautions that a significant portion of financial advice circulating on social media platforms may be unreliable or even harmful. In a recent column, Liew emphasizes the importance of verifying the credentials of those offering financial guidance and suggests turning to certified professionals for sound advice.
Social Media Financial Advice: A Growing Concern
According to Liew, platforms like TikTok, Instagram, and YouTube are flooded with self-proclaimed financial gurus who often lack formal training or accreditation. He points out that these influencers may prioritize engagement over accuracy, leading to potentially costly mistakes for followers. Liew notes that a 2025 survey by the Financial Consumer Agency of Canada found that 40% of young Canadians rely on social media for financial tips, a trend he deems worrying.
The Risks of Unverified Guidance
Liew highlights specific dangers, such as advice on high-risk investments, tax evasion strategies, or unrealistic budgeting tips. He cites an example where a viral TikTok video promoted a “guaranteed” investment scheme that turned out to be a Ponzi scheme, leaving many followers with losses. “Just because someone has a large following doesn't mean they have your best interests at heart,” Liew writes.
How to Identify Reliable Financial Advice
To avoid falling for bad advice, Liew recommends checking for certifications like Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA). He also advises consulting multiple sources and being skeptical of promises of quick wealth. “If it sounds too good to be true, it probably is,” he adds.
The Role of Professional Advisors
Liew underscores the value of working with a fee-only financial planner who acts as a fiduciary, legally obligated to act in the client's best interest. He notes that many Canadians overlook this option due to cost concerns, but argues that the long-term benefits outweigh the expense. “Investing in professional advice can save you thousands in the long run,” Liew states.
Conclusion: Verify Before You Trust
Liew concludes by urging readers to take control of their financial education by seeking reputable sources and questioning information found online. He encourages Canadians to use resources like the Financial Consumer Agency of Canada's database of registered advisors. “Your financial future is too important to leave to chance,” he writes.
