Steering Clear of Financial Misinformation: A Survey of Americans
Information has never been more accessible.
With smartphones and computers, Americans can connect with loved ones, scan breaking news and find guidance on virtually every aspect of life. Whether typing into a search bar, scrolling through social media or consulting a generative AI chatbot, answers to almost any question — including those about personal finance — are just a few clicks away. While the wide availability of information today offers clear benefits, it also presents real challenges. In personal finance, the line between reliable financial guidance and potentially misleading content is not always clear, and when it blurs, it can put Americans’ financial well-being at risk.
Many consumers regularly turn to the internet for financial advice, browsing news sites, finance sites and social media for tips on saving, making major purchases and managing debt. Increasingly, social media financial influencers (or “finfluencers”) have become prominent sources of finance tips and advice. But as reliance on online financial guidance grows, so does the risk of encountering inaccurate or unreliable information.
The Steering Clear of Financial Misinformation survey examined the types of financial misinformation Americans encounter, how they navigate financial misinformation and how it affects their financial wellbeing.
