Not All Is What It Seems: Financial Advice On Social Media

They say don't trust everything you read on the internet. But does that apply to financial advice? It depends on who you listen to.

Ellyce Fulmore, a kinesiologist, was jobless during the pandemic and used her spare time to build a presence on TikTok. She had some business experience from her side hustle as a life coach, as well as from her stint at a local financial aid office in Kelowna, B.C. where she assisted many low-income individuals.

Using the 60-second video format, she began giving financial advice to an audience of millennials and Gen-Z, covering topics such as debt management and budgeting. She picked a perfect time to do so because many people her age were also getting laid off at their jobs and struggling with money.

In the span of two years, Fulmore was able to generate a following of over 400,000 fans, and she also managed to get the attention of a few financial companies including Neo and Wealthsimple which have since partnered with her. She is now a part of the meteoric rise of "finfluencers," who create financial content on social media.

Of course, like with any sort of financial advice, people should take caution as there is always a chance that the information being given is not accurate, or worse—intended to deceive individuals and scam them of their money. That's why if there's anyone to place your trust in, it may be the "finfluencers" who are collaborating with actual financial institutions.

This is because regulators believe that the social media platforms themselves should not be responsible for reviewing bad financial advice that is given by its users, so if they are not backed by a financial institution, they may be spreading false information.

Perhaps part of the reason why financial advice is so in-demand among the younger generations is that they did not learn basic concepts in school. Unlike kids today, they had to learn about many financial-related life skills from experience. Having a resource such as TikTok, which is so easily accessible, makes it easier for young adults to get the answers they need.

SMART SPENDING

My new car that I was so excited for was damaged during shipping. The dealer says it's "not their problem." How do I fight back?

Discovering damage on a brand-new vehicle feels like a punch to the gut, especially after months of careful research, test drives, negotiations, and financial planning. The excitement of finally getting those keys transforms into disbelief when scratches or mechanical issues appear on what should be a pristine purchase. And when dealerships deflect responsibility by blaming transport companies, buyers often feel powerless and confused about their options. But the reality is that customers hold more leverage than most realize, and understanding the chain of responsibility makes all the difference in getting proper resolution.

January 23, 2026 Marlon Wright

SMART SPENDING

My roommate sublet my room while I was on vacation, didn't tell me, and refuses to give me any of the money. Can I evict her?

Coming home from vacation should smell like stale luggage and sunscreen, not betrayal. Yet many renters return to find unfamiliar sheets on their bed, a stranger’s coffee mug in the sink, and a sickening realization: the room was rented out without permission.

January 23, 2026 Marlon Wright

CAREERS

My boss asked to borrow my dog for a “client presentation.” Now he says she “likes him more” and doesn’t want to give her back. What do I do?

When your boss borrows your dog for a “client presentation” and refuses to give her back, things have gone way too far. This humorous yet practical advice column walks you through exactly what to do next—from setting boundaries and involving HR to understanding your legal rights and protecting your pet—while keeping the tone engaging, relatable, and reassuring.

January 23, 2026 Jack Hawkins

SAVE MONEY

I prepaid my membership at a yoga studio that was set to open last week. Now the place is empty with no forwarding info. Can I get my money back?

If you've prepaid a membership to a fitness club and the place shuts down with no notice, it may be a challenge getting your money refunded.

January 23, 2026 Alex Summers

GUIDE

I want to move into our family’s rental unit. But the current tenants say we need “just cause” to remove them when the lease is over. What now?

It makes sense to move into an apartment that you own if you want to save money, but you have to settle matters properly with the current tenants.

January 23, 2026 Penelope Singh

THE WORLD OF WEALTH

I just found out that my parents used my inheritance to pay off their own debt. Am I just out of luck?

The question often surfaces, usually after a bank statement or a lawyer’s letter that doesn’t say what you expected. Inheritance, in theory, feels like something solid and promised, even when no one ever said it out loud.

January 22, 2026 Marlon Wright

The information on MoneyMade.com is intended to support financial literacy and should not be considered tax or legal advice. It is not meant to serve as a forecast, research report, or investment recommendation, nor should it be taken as an offer or solicitation to buy or sell any securities or adopt any particular investment strategy. All financial, tax, and legal decisions should be made with the help of a qualified professional. We do not guarantee the accuracy, timeliness, or outcomes associated with the use of this content.

It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.

Looking for a new home? Make sure you get a mortgage rate that works for you. That means understanding the difference between fixed and variable interest rates. Whether you’re looking to learn how to make money, save money, or invest your money, our well-researched and insightful content will set you on the path to financial success. Passionate about mortgage rates, real estate, investing, saving, or anything money-related? Looking to learn how to generate wealth? Improve your life today with Moneymade. If you have any feedback for the MoneyMade team, please reach out to [email protected]. Thanks for your help!

Not All Is What It Seems: Financial Advice On Social Media

Not All Is What It Seems: Financial Advice On Social Media

READ MORE

My new car that I was so excited for was damaged during shipping. The dealer says it's "not their problem." How do I fight back?

My roommate sublet my room while I was on vacation, didn't tell me, and refuses to give me any of the money. Can I evict her?

My boss asked to borrow my dog for a “client presentation.” Now he says she “likes him more” and doesn’t want to give her back. What do I do?

I prepaid my membership at a yoga studio that was set to open last week. Now the place is empty with no forwarding info. Can I get my money back?

I want to move into our family’s rental unit. But the current tenants say we need “just cause” to remove them when the lease is over. What now?

I just found out that my parents used my inheritance to pay off their own debt. Am I just out of luck?

Want to read more?