Tennessee Tech will host a screening of the documentary “This is Not Financial Advice” to educate students on the risks associated with social media financial influencers.
Economics Lecturer Dr. Chelsea Dowell said many students seek financial guidance from social media platforms rather than certified professionals. Dowell said these ifluencers often lack formal education in finance, leading students to take on significant investment risks.
“Our students are hearing all of this financial noise,” Dowell said, “And it’s become even more difficult to distinguish who is really giving expert advice versus they just have a large following.”
Dowell said the ease of access provided by mobile apps has created a cultural shift where students can begin investing with much smaller upfront sums than were previously required. Dowell said this accessibility, while opening doors for those working part-time, also makes it easier for individuals to engage in high-risk betting or trading.
“You can still feed that same adrenaline rush that you get with, say, sports gambling,” Dowell said. “So, there is this crossover, and we have to be very careful and mindful that people are fully aware of their decisions before they make them, before they commit to these things.”
The Tuesday event will feature a live Q&A session following the film to provide students with direct access to industry experts. Dowell said representatives from the Tennessee Department of Commerce and Insurance Division of Securities, FINRA, and Optimus will be present to answer questions.
“I hope that my students will come away with patience and a little bit of knowledge to say when I watch these influencers or when I see somebody giving financial advice, I have enough tools in my toolbox to analyze it and decide whether or not I should actually be listening to these people or if I should be going and checking up to see if, if this is advice I should really be taking or not,” Dowell said. “And to just take a pause. Don’t immediately jump in and take people at their word.”
Dowell said some influencers encourage followers to constantly leverage their funds, such as investing every penny into real estate to secure more loans. Dowell said this type of advice puts individuals at high risk because if a single investment fails, the person remains responsible for all the other leveraged risks.
“I just hope that everybody recognizes we’re here to help and we’re here to spread knowledge and answer questions where we can,” Dowell said. “And that we are excited for whoever wants to come visit and be a part of this opportunity.”
