Young people today rely on all sorts of people for financial advice—friends, family, celebrities on social media and even artificial intelligence.
As ministry leaders, these trends raise some worrying concerns. For example, many young people have been eager to get into the crypto game, but is this a safe market for long term financial management? Given the recent blow-up of FTX, and celebrity advertisers for the exchange facing consequences, what are the real world consequences for those who took their advice? What is the church’s responsibility to young people, especially as it pertains to their longterm well-being and financial security? Can the church help point young people to actually trustworthy sources of financial management amidst an abundance of social media cons and slick PR campaigns?
Fortunately, many young people aren’t as gullible as some might take them for, as more than 70% report trusting financial advisors over social media and influencers. Nevertheless, there is still a lot of room for more sound advice: a recent YPulse report found that more than 50% of young people do trust social media and influencers for financial advice. As more and more digital natives enter the workforce each spring, this tension is likely to grow.
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