(WXYZ) — April is Financial Literacy Month. Now in our second year of a crippling pandemic, getting financially healthy is top of mind for so many.
But financial experts are raising an alarm on one questionable place people are turning to get their advice.
In tonight’s Rebound Detroit we’re sharing their warnings, and where you can go to reset your finances with professional, unbiased information.
The pandemic has hit many of us hard.
“It’s exposed so much vulnerability,” says Jen Bloom. “So many people, they’ve lost jobs, they’ve lost wages, they’ve had family members fall ill and it’s just been a horrible ripple effect.”
An effect that experts say has crystallized a so-called widening financial health gap in America
It’s a reality that became evident to me when connecting with you on social media. Nearly half of you telling me you had to rebound your finances in the last year.
In a separate poll, a third of you told me you were forced to learn a hard financial lesson
For John Balun that lesson was to always have at least 6 months’ worth of expenses in savings.
But whether the pandemic left you with less, or perhaps more, the hunger for financial information has ballooned in the last year.
“Americans feel that there’s a gap between their knowledge base and it really has an impact on your bottom line,” says Bloom.
The hunger is pushing many to turn their eyes and ears to free information sharing platforms like TikTok.
But it's the not so good advice on the platform - namely when it comes to investing that’s worrying Michigan-based financial experts like Jennifer Bloom.
“I saw on TikTok some financial advice that said you should invest the way that billionaire’s who’ve made all this money have invested,” she says.
Financial advisor Kirk Cassidy urges you to filter out the noise by asking the tough questions.
“Who’s giving you the information and what is their agenda?” he says.
And because agenda-free information is in demand, Greenpath Financial Wellness, a Michigan-based nonprofit, has launched a 24/7 virtual coaching platform that’ll provide you with professional, free advice.
If you expect to retire in the next ten years, then check out the $29 dollar courses offered by the Michigan-based Retirement Education Foundation.
“Start there so you better understand what you should be looking for investments income, taxes, and estate planning,” says Cassidy.
While Bloom Advisors is holding free virtual seminars in light of financial literacy month.
“The objective here is to provide open, honest, advice that you can use, incorporate in your everyday life,”
Bloom Advisor’s next seminar is happening this Thursday.
Greenpath Financial Wellness: https://www.greenpath.com/partnerships/virtual-financial-coach/
Retirement Education Foundation: https://retirementplanningedu.org/classes/
Additional Coronavirus information and resources:
View a global coronavirus tracker with data from Johns Hopkins University.
See complete coverage on our Coronavirus Continuing Coverage page.
Visit our The Rebound Detroit, a place where we are working to help people impacted financially from the coronavirus. We have all the information on everything available to help you through this crisis and how to access it.