Tackling Online Financial Misinformation
Use these resources to protect yourself and others from misleading financial advice — while staying compliant with CFP Board’s Code of Ethics and Standards of Conduct.
Combating Online Financial Misinformation: A CFP® Professional’s Guide
Social Media Do’s and Don’ts Under the Code and Standards
Social Media Misinformation Intake Form
What Is Financial Misinformation?
Financial misinformation is any type of incorrect or misleading financial information. In today’s digital landscape, that can look like:
- Online personalities and financial influencers, or "finfluencers," sharing unreliable or unvetted financial advice, often through short-form video.
- Influencers or celebrities promoting financial products without proper disclosure, context or credentials.
- AI-generated financial content that mimics trusted sources or floods comment sections to create the illusion of consensus.
These messages can appear helpful but may lead to poor financial decisions or even fraud.
Why Does This Matter?
Financial misinformation is everywhere online, and its impact is real. People who rely on unqualified influencers, celebrities or AI-generated content risk more than confusion. They can waste money on overpriced products and courses, fall for scams, damage their credit or face legal trouble.
CFP Board’s research report “Steering Clear of Financial Misinformation: A Survey of Americans” shows the cost. Nearly 3 in 5 Americans say they have made regrettable financial decisions based on misleading online information. Almost 2 in 5 have lost $250 or more, and nearly 1 in 5 have lost more than $1,000. Although financial content is all over the internet, fewer than 2 in 5 believe it serves their best interests. More than 3 in 5 say they now spend more time verifying financial information than they did five years ago.
