In recent years, financial influencers, or "finfluencers," have gained massive followings on social media platforms, offering advice on everything from mutual funds to personal finance tips. While many finfluencers share valuable insights, there are several risks associated with relying solely on their advice:
- Lack of personalisation/ Generic advice
Finfluencers often give generic advice that may not suit your personal financial situation. Financial strategies that work for one person may not be right for another, especially without considering income, debt, risk tolerance, or long-term goals.
- Focus on Short-Term Gains
Some finfluencers promote mutual funds based on recent performance, which can be misleading.
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