Many women of color are turning to social media and their peers for investment know-how instead of hiring financial advisers.
Individual investors are increasingly seeking free financial advice on platforms including TikTok,
and YouTube. For women of color, nearly half say they are likely to turn to social media for financial guidance compared with 18% of white women, according to a study released in April by investment-management firm Capital Group.
The reasons for turning to their peers range from wanting free advice to a desire to manage their own portfolios, rather than outsourcing it to an adviser.
‘Some women may feel there’s a lack of cultural understanding by certain financial advisers and may not feel seen.’
who is Latina, started investing in the stock market in April 2020 after she joined the HerMoney
group. Ms. Saul, who is in her 30s, was attracted to the group that was founded by personal finance author