The Risks of Taking Financial Advice from Finfluencers (Think Before You Follow)
In an age where financial advice is just a swipe away, it’s easier than ever to get caught up in fast tips, bold claims, and “get rich quick” content. While social media has opened the door to helpful conversations around money, it's also given rise to a concerning trend: unqualified “finfluencers” giving financial advice online.
CPA Australia recently raised concerns about the growing number of social media influencers dishing out financial content without the proper training, licensing, or responsibility. The rise of #MoneyTok and #FinanceTips may seem harmless—but blindly following this advice could lead to financial trouble.
The Problem with Finfluencer Advice
Many “finfluencers” offer advice on investing, tax, budgeting, and even superannuation—areas that are highly regulated in Australia. But unless they’re a licensed financial adviser, sharing this advice can breach the law.
Here’s why it’s risky:
Lack of credentials: Many content creators are not licensed to give financial advice.
One-size-fits-all advice: What works for one person may not work for your circumstances.
Risk of misinformation: Some advice may be outdated, over-simplified, or just plain wrong.
Influence over informed choice: Slick content and charismatic delivery don’t equal good strategy.
What You Should Do Instead
Always check qualifications: Only licensed professionals (like Strategem’s advisers) are legally allowed to provide personal financial advice in Australia.
Look beyond the hype: If it sounds too good to be true, it probably is.
Get advice tailored to you: Your goals, income, tax situation and life stage all matter.
Use social content as inspiration—not direction: It’s fine to learn from others, but make big decisions with help from someone who understands your full picture.
Let’s Talk About Your Goals
At Strategem, we don’t do cookie-cutter advice or clickbait. Our licensed financial advisers provide clear, practical, and personalised strategies based on decades of experience and deep understanding of the Australian financial landscape.
📍 Offices in Bendigo & Melbourne
📞 Book a chat today at www.strategem.com.au
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If you need further advice, please do not hesitate to contact our office on (03) 5445 4777 and one of our Accountants & Advisors are available to support you.
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