![]() ![]() Hang around often enough and you'll probably stumble upon resources you didn't know you needed. It's clear why, according to figures Reddit shared with me, more than three quarters of users feel more comfortable discussing financial topics on its platform than on other social media. In other words: Stay on topic and stay helpful, or you're out. Self-promotion and advertising are prohibited (there's no #sponcon to speak of). On r/personalfinance, you can't talk about politics or breaking the law, and you can't be abusive, unhelpful, or disrespectful toward others. I appreciate that each subreddit has a code of conduct, and users who disobey can be reported to Reddit or banned from posting. There are also elaborate answers to commonly asked questions and sound advice tailored for specific age groups. The stakes are high, and these users seem to understand and respect that.Īnd that's to say nothing of the layered and deeply impressive wiki on r/personalfinance where US-based users could presumably spend hours getting up to speed on everything from how credit works to which insurance coverage they need. There's room for detail and nuance, which is crucial when it comes to dealing with money. Posts on Reddit's personal-finance communities are often long-winded and thoughtful, full of caveats and follow-up questions for the original poster. Unlike Instagram, you're not up against the algorithm. ![]() Unlike Twitter and TikTok, the posts aren't designed to be consumed in seconds. In the hierarchy of decent financial advice dispensed on social media, Reddit is at the top. While there are limits to these Q&A communities - they're not a stand-in for professional advice - I support them as a safe space to get feedback, ask about other people's experiences and strategies, learn financial basics, and celebrate each others' wins. But what I've observed on these subreddits over the past several months has convinced me otherwise. Two in three Reddit users have made real-life financial decisions based on advice they received from fellow Redditors, the company said.īut wait - is it smart to follow financial advice from random avatars? As a certified financial planner myself, my knee-jerk reaction is no. And these users aren't just chatting about what they bought yesterday or how much their investments made they're helping each other. The subreddit r/personalfinance has more than 4.7 million members and hosts conversations about, well, anything and everything related to spending, earning, saving, and investing money. ![]() A weekly "Moronic Monday" thread allows users to post questions in a judgement-free zone that they might be embarrassed to ask offline.įor investing-specific conversations and news, nearly 2 million users turn to r/investing - its cheeky tagline: "lose money with friends." That subreddit's membership grew 83% between June 20, Reddit said. Users there share and solicit strategies for paying off debt, setting financial goals, and saving for retirement, among other how-to topics. Membership on the subreddit r/FinancialPlanning grew 87% between June 20, according to Reddit, to more than 241,000. In 2020, discussions on Reddit about government stimulus, budgeting, retirement, long-term investing, employment, financial independence, and frugality attracted users in droves.
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