A growing number of Canadians are turning to TikTok and Instagram for money tips – but at what cost? Christopher Horkins, commercial litigation partner at Cassels spoke to MoneySense to unpack the real risks of following financial advice online.
“Most people know there’s risk, but they still make a judgement call on whom they trust. Sometimes they get it right, and sometimes they don’t,” says Horkins.
The Ontario Securities Commission’s Social Media and Retail Investing report highlights the risk of relying on finfluencer advice and what regulators are watching closely. If you’re investing based on a reel, you may be gambling more than you think.
