Social media isnt just for cute pet pictures and vacation videos.

Its where many investors especially young ones get advice about the markets.

YouTube is also a platform of choice for 44% of respondents.

Elon Musk is pictured with his January 2022 tweet: Tesla merch buyable with Dogecoin

Bitcoin reigned No. 1 with investment app users —52% of respondents say they’ve bought the digital coin.

Which Social Platforms Do Americans Turn to for Investing Advice?

TikTok, YouTube and Instagram are the most popular social media sites for investment advice among young survey respondents.

Nearly half of respondents aged 18-24 say they used TikTok to get investing advice, according to the survey.

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Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?

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Meme stocks are companies that go viral on social media platforms like Reddit and quickly skyrocket in price.

The term meme stock first appeared in January 2021 to describe GameStops rapid social media-fueled blitz on Wall Street.

Nearly one in three survey respondents say they bought Gamestop, according to the survey.

Gen-Z friendly apps Robinhood in particular have fueled the surge with easy, commission-free trading.

Meme stocks may be controversial, but theyve also served as a gateway for new retail investors.

Respondents aged 35-44 were the age group most likely to say a celeb persuaded them to buy crypto.

Those aged 18-24 ran a very close second.

The Power of Elon Musk

Tesla CEO Elon Musk is particularly influential in moving markets.

Investment app users took note.

Musk influences investors of all ages and income levels, survey data shows.

Respondents aged 18-24 came in second, at 50%.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.

Responses were weighted for age and gender so that each response is representative of the U.S. population.

The overall surveys margin of error is +-2 percentage points at a 95% confidence interval.

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