The peril of relying on social media for financial ‘advice’
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Nearly 80 per cent of millennials and Gen Z have turned to social media for financial advice.
PHOTO ILLUSTRATION: UNSPLASH
Erin Lowry
The often-cited goal of having a US$1 million (S$1.4 million) retirement nest egg needs to be retired. Adjusted for inflation, it would take nearly US$1.9 million to have the same purchasing power today as in 1999, when the oldest of millennials were just turning 18.
Granted, US$1 million still sounds like a lofty sum to many, which could be why so many are nervous that they won’t reach the double-comma club by retirement.