How did you learn about managing cashflow, using credit cards and applying for loans?

Through trial and error? By taking advice from friends and family? Or were you lucky enough to have lessons about personal finance at school?

If you had been active on social media when you were young, perhaps you would have turned to influencers for financial guidance. Many young people today do, and unfortunately get their fingers very badly burnt.

We all saw the effect of Reddit users being urged to dabble in GameStop shares – many young people bought shares when they were at a high and then saw the value of their shares crash – but that is just the tip of the iceberg.

If you believe what you read on social media, you can ‘get rich quick’ – but these so-called financial influencers are not trained, or dare we say, qualified to give advice.

Often, they are sponsored to promote financial products and investments but have no financial experience and knowledge…

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