CREDIBLE OR CLICKBAIT? FINDING THE RIGHT FINANCIAL ADVICE

But research shows that only one-third of Canadians turn to someone for financial advice. Of those who do reach out, the most common source of advice is friends and family, followed by banks, investment firms or insurance providers with professional advisors or planners last on the list.

Getting financial advice—whether paid or free—can reduce your financial stress and increase your confidence in money matters. However, the source and quality of that advice are crucial.

Here are some tips to help you find the best financial advice and avoid unnecessary costs or scams.

Be vigilant about online financial advice.

• Social media:

  Financial influencers, or “finfluencers,” are a hot topic but remember that anyone can create a social media account and start sharing content. Their financial advice will be very general and might be designed to sell something that isn’t right for you.

• AI and scams:

  “deep fakes,” which are AI-generated videos that seem to feature high-profile people, are on the rise. They’re often used to sell obscure cryptocurrencies or other risky investments. Remember: if it’s too good to be true, it probably is.

The best financial advice reflects your current financial situation as well as your goals.

A financial advisor can help you manage your money if you’re saving for a first home, a comfy retirement or sending your kids to university or college. They usually work for a reputable financial institution, investment firm or insurance broker, are more accountable and often have a professional certification or designation such as Certified Financial Planner.

If you’re having trouble paying back your debt or keeping up with your payments, you may want to talk to a credit counsellor. Both not-for-profit organizations and for-profit companies offer credit counselling services in areas such as budgeting, using credit wisely and debt management plans.

The bottom line: know what you need, then do your research to find a trustworthy and cost-effective source of advice to help you reach your financial goals.

You can find more resources to help manage your money at canada.ca/money