Gamestop sparked a frenzy on Reddit that lit up TikTok.
The dizzying rally for the game retailer’s stock that followed helped establish social media as one of the most popular sources for financial information, tips and advice, particularly among Gen Z, according to a new CreditCards.com report — second only to friends and family for the 18-to-24 cohort.
In fact, Gen Zers are nearly five times as likely to say they get financial advice — including stock tips — from social media as adults in their 40s or older, the report found.
Among teenagers, nearly half are learning about investing from social media despite ranking it as one of the least trustworthy sources for investing advice, according to a separate survey by Greenlight, which provides debit cards and savings accounts for kids.
Roughly 38% of teens are turning to YouTube and one-third look to TikTok, Greenlight found. One-quarter go to Instagram for personal finance and investing advice.
Greenlight polled more than 1,000 teenagers between the ages of 13 and 20 from Feb. 26 to March 2. CreditCards.com surveyed more than 2,600 adults in March.