A new study by MoneySmart finds that over half (52%) of adults living in Hong Kong SAR and Singapore now turn to social media as their primary source of financial advice, with YouTube emerging as the most popular platform.The study explored the growing role of social media in shaping financial decisions, with a focus on how it influences decisions around investing, saving, and spending.Nearly three in five (63%) now seek investment advice from social media, showing the platform’s growing role in guiding investment decisions.

SINGAPORE, Jan. 15, 2025 /PRNewswire/ — A newly released study by leading personal finance portal MoneySmart reveals that social media has become a dominant source of financial information, influencing key decisions around investments, savings and spending habits.

The study, which interviewed 2,000 adults in Hong Kong SAR and Singapore, found that more than half (52%) now rely on social media as their main source of financial advice, trumping the likes of family and friends, financial advisors, and personal finance books. Platforms such as YouTube, Instagram and Facebook emerged as the most popular for accessing financial insights.

Nearly half (43%) of those surveyed believe social media has improved their financial knowledge, with 19% using it daily to seek financial tips and advice. According to the study, Millennials are the generation most frequently turning to social media for financial advice, with 53% seeking information at least weekly.

The most popular topics across all age groups include investing (59%), saving (57%) and budgeting (34%).

Social media is shaping our financial behaviour and investments

In today’s digital age, financial information is more accessible than ever, with social media empowering individuals to take a more proactive approach to managing their finances. Nearly a quarter (23%) have changed their spending habits due to social media, with 30% starting a budget, 16% initiating an emergency fund and 11% increasing their retirement savings contributions.

Interestingly, regional preferences emerged, highlighting unique usage patterns in Singapore and Hong Kong SAR. YouTube stands out as the most popular platform for financial advice in both markets, reflecting the possible appeal for video-based learning. However, platform preferences diverge beyond YouTube, with TikTok gaining popularity in Singapore as a hub for short-form financial content, while Whatsapp and LIHKG forums resonate more with Hong Kongers for community-driven discussions.

This diversity in platform usage underscores the importance of adopting tailored strategies to engage and educate consumers effectively across different markets.

Beyond habit shifts, social media is also encouraging Singaporean and Hong Kong SAR adults to make substantial financial decisions. Nearly a quarter (24%) have opened a savings account, while 18% have applied for a financial product such as a credit card or loan due to social media advice.

Investments, in particular, were heavily influenced by social media, with 37% of respondents making investments based on advice seen online, with popular choices including US stocks (45%), bonds (24%), etc. This illustrates how recommendations on social media are actively shaping financial behaviour and underscores the importance of ensuring that consumers are equipped with the skills needed to assess the credibility of financial advice online.

The financial risks of social media

While social media provides broader access to financial information, the study reveals significant risks tied to unverified advice.

Alarmingly, almost 1 in 5 (18%) respondents lost money on investments influenced by online advice, and a further 14% fell victim to financial scams after following social media recommendations. Among those who followed social media advice, 9% reported substantial financial losses. These findings underscore the serious consequences of following poor or even malicious financial advice on social media, with many suffering direct financial losses that could have a lasting impact on their overall financial security.

Adding to these concerns, 70% of respondents encounter financial advice passively through their social media feeds, suggesting that they may be influenced by financial content even when they’re not actively seeking it.

Additionally, a number (12%) of respondents reported feeling more confused or overwhelmed by the sheer volume of financial information on social media, highlighting the need for better guidance. These findings emphasise the real dangers of unverified advice and the critical importance of seeking reliable financial guidance from trusted sources.

Abel Lee, General Manager at MoneySmart Singapore and Hong Kong commented, “Our study reveals a significant shift in how consumers approach financial advice, with social media now taking the lead over traditional sources. While it’s encouraging to see more individuals engaging with their finances, it’s crucial to ensure the credibility and accuracy of the information they rely on. At MoneySmart, we go beyond just connecting consumers to personal finance products through our marketplace. With resources like our blog and licensed insurance specialists, we are committed to providing well-researched advice and practical guidance to help people make sound financial decisions — whether it’s investing, saving, budgeting, choosing the right credit card or loan, or selecting an insurance plan.”

“While social media has made financial advice more accessible, it also comes with risks from unverified sources. In a landscape where unverified advice is prevalent, our focus is to empower individuals with the tools, trusted guidance, and personalised recommendations they need to make informed decisions that lead to positive outcomes,” said Lee.

How to spot poor financial advice and make smarter investment decisions

As financial hubs, Hong Kong SAR and Singapore face shared challenges and opportunities when navigating financial advice on social media. Insights from industry experts in both markets, including Ethel Yow, APAC & ME Social Media and Content Manager at IG Markets and Joe Yu, Chief Marketing Officer at Futu Securities, provide actionable tips to help consumers make informed decisions while avoiding common pitfalls.

Be cautious of bold claims
Ethel and Joe advise being wary of financial advice that promises guaranteed returns or “risk-free” investments, often framed as clickbait such as “100% win rate strategy” or “How to become a profitable trader.” Sensational headlines are designed to attract attention, but credible sources will offer balanced insights about both potential returns and risks.Verify the information
Social media is largely unregulated, meaning anyone can post financial content regardless of expertise. Ethel recommends cross-checking advice with reputable financial news outlets, official company reports, and licensed financial advisers, while Joe suggests a three-pronged approach: verify the source, consult multiple sources and assess the information’s timeliness. Seeking professional advice and carefully evaluating risks are essential steps before making significant financial decisions.Understand the risks
Social media offers real-time market sentiment and a variety of investment ideas, which can broaden perspectives. However, Joe warns that emotional triggers like FOMO (fear of missing out) can lead to impulsive decisions that often do not align with sound financial planning.Balance short-term excitement with long-term goals
To avoid focusing solely on short-term returns, limit speculative investments to a small portion of your portfolio while balancing them with more stable assets like index funds or bonds. Both experts recommend setting clear financial goals, creating a budget, diversifying investments and regularly reviewing your portfolio to maintain long-term financial stability.Do your own research and use trusted platforms
Independent research is critical to understanding the risks, potential returns, and suitability of an investment. Joe emphasises the importance of choosing regulated brokerages, such as those licensed by the SFC in Hong Kong, for secure and transparent transactions. Trusted platforms offer reliable tools and resources that support informed investment decisions.Stay alert to scams and avoid herd mentality
Both Ethel and Joe highlight the risks of scams impersonating legitimate entities, such as investment platforms or financial influencers. Always verify the authenticity of information and social media links before acting. Avoid blindly following trends without assessing risks, as impulsive decisions can lead to significant losses.

For more advice on making informed financial decisions, including investing, and to explore the full findings of the study, please visit:

Hong Kong SAR (EN):
https://www.moneysmart.hk/en/online-brokerage/social-medias-influence-on-financial-decisions-ms

Hong Kong SAR (ZH):
https://www.moneysmart.hk/zh-hk/online-brokerage/social-medias-influence-on-financial-decisions-ms 

Singapore:
https://www.moneysmart.sg/online-brokerage/social-medias-influence-on-financial-decisions-ms

-ENDS-

For all media enquiries, please contact:
Jasmine Hong
Communications Manager, MoneySmart Group
jasmine.hong@moneysmart.com

Survey Methodology 

Research conducted on behalf of MoneySmart by Savanta among 2,000 Singaporean and Hong Kong SAR adults (aged 18+). The survey was carried out online between 2 – 7 October 2024.

About MoneySmart Group

MoneySmart Group is a leading personal finance group in Southeast Asia, encompassing two dynamic brands: MoneySmart and Bubblegum. Bringing together these brands to offer a comprehensive range of financial products, knowledge and advice, MoneySmart Group is dedicated to empowering consumers with clarity, confidence and control over their financial future.

MoneySmart serves as a financial marketplace and content platform for consumers to make informed decisions across a variety of banking, insurance and investment products. We do the hard work of compiling the information and sharing advice to make it easy for you to understand, compare and choose the best personal finance products for you. Our SmartRewards programme also enables customers to earn points on transactions that can be redeemed for rewards.

Under our Bubblegum brand, we create desirable insurance products and experiences, aiming to become the leading digital insurtech brand of the future.

For more information, please visit www.moneysmart.com.

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SOURCE MoneySmart

LAS VEGAS, Jan. 14, 2025 /PRNewswire/ — Vanpowers, a global leader in e-bike innovation, made waves at CES 2025 with its Advanced Smart System, a groundbreaking integration of adaptive technology set to redefine cycling. The four-day event, which concluded on January 10th, saw Vanpowers demonstrating this system in select new bike models launching later this year, offering unparalleled personalization, safety, and connectivity.

Revolutionary Features Redefining Smart Cycling

The Advanced Smart System seamlessly blends real-time adaptability with intelligent connectivity, creating an intuitive riding experience. Key features showcased at CES include:

Advanced Power Management System: This system combines ultra-light motors with industry-leading performance, utilizing dual 48V battery packs for extended range. The IP67-rated protective structure ensures durability in various weather conditions, making it suitable for all-season riding. Dynamic Riding Optimization: Leveraging real-time data, this feature intelligently adjusts motor output to provide optimal assistance on inclines while maximizing energy efficiency on flat terrain. Riders experience a smooth, responsive ride regardless of the landscape. Predictive Range Optimization: By analyzing factors such as rider behavior, terrain, and weather conditions, this system provides precise range calculations. This allows cyclists to plan their journeys with confidence, reducing range anxiety. Smart Connectivity Vanlife App: This comprehensive app offers real-time performance monitoring, over-the-air firmware updates, and advanced anti-theft measures. It also includes community features, allowing riders to connect, share routes, and participate in challenges.

Future Vision and Intelligent E-Bikes

The Advanced Smart System, showcased on select Vanpowers models at CES 2025, including the Urban Cross and Grand Teton, exemplifies the company’s commitment to pushing the boundaries of smart cycling. These models, designed for urban and suburban exploration, feature sleek designs and cutting-edge technology.

No Limits to Freedom: Jim Wilkes’ Inspiring Journey

A highlight of the event was the presence of Jim Wilkes, a Vanpowers loyal customer. Jim, an amputee who was once told he would never ride bikes again, shared his transformative experience with Vanpowers e-bikes.

“When I found out about Vanpowers and rode their bike, it gave me freedom. It was like getting a part of my life back,” Jim explained. He praised both the UrbanCross and UrbanGlide models for their ease of use, long-range capabilities, and hill-climbing prowess. Jim particularly noted the seamless phone integration and the innovative smart features that have been a standout at CES.

“Our presence at CES 2025 demonstrated how we’re setting new standards in e-bike technology,” said Handson [Vice President, E-Bike Global Business]. “By integrating adaptive technology with robust performance, we’re creating smarter, safer e-bikes for riders of all abilities, empowering them to experience cycling freedom without limits.”

As CES 2025 concluded, Vanpowers solidified its position at the forefront of e-bike innovation, with the Advanced Smart System representing a significant step towards a more connected and enjoyable cycling future.

For more information about Vanpowers and its innovative e-bike solutions, visit Vanpowers.com.

CONTACT: press@vanpowers.com.

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SOURCE Vanpowers

PALO ALTO, Calif., Jan. 14, 2025 /PRNewswire/ — A news report from Business Next Media Corp.:

Today, Taiwan marked an important step forward in the global startup landscape by opening an overseas Startup Hub in Silicon Valley. The move demonstrates the Taiwanese government’s continued commitment to leading Taiwan’s innovation ecosystem to the world. Liu Chin-ching, Minister of the National Development Council of Taiwan, was invited to attend the opening event and witnessed the signing of a Memorandum of Understanding (MOU) between Dennis Liu, Managing Director of Startup Island TAIWAN Silicon Valley, and Sibyl Chen, General Manager of Berkeley SkyDeck Accelerator, which will deepen the linkage between Taiwan and the U.S.’s startup resources. The opening event was well attended by the innovation community, including U.S. companies such as Google, Qualcomm, Japan’s JETRO, and Taiwan’s TSMC and Delta, as well as local venture capitalists, university representatives, and teams of outstanding Taiwanese startups, demonstrating Taiwan’s innovative energy in planting its flag in Silicon Valley and its determination to connect with the global startup community.

Taiwan is recognized as a global leader in technology and innovation, especially in the semiconductor field, where it enjoys a global market share of over 60%. In fact, Taiwan’s strength and achievements in innovation are not limited to its renowned manufacturing capabilities. In recent years, Taiwan’s unique market environment and technological soil have fostered a vibrant ecosystem of new ventures, creating a cluster of entrepreneurs developing cutting-edge technologies in a wide range of fields.

In his speech, Minister Liu said that Taiwan’s technology and innovation capabilities are evident to the world. Significant contributions to important development trends such as AI and digital transformation are proceeding apace, and the energy of new venture development is also rapidly increasing, with nearly 10,000 new ventures currently in operation. In recent years, global startups have faced the challenge of a capital winter, and the amount of global startup fundraising in 2023 has declined by nearly 40% compared with the previous year. But Taiwan’s startup fundraising in 2023 has grown against the trend, reaching a record high of US$2.8 billion, with a growth rate of 9.8%.

According to Minister Liu, Taiwan has allocated US$4.56 billion (NT$150 billion) to accelerate the development of its startup ecosystem over the next four years, underscoring Taiwan’s commitment to promoting innovation, fostering entrepreneurial talent, and enhancing global competitiveness. The funds will be used to establish funding programs with universities to promote research, partner with top companies to enhance industry expertise, and more. These initiatives are aimed at establishing Taiwan as a base center for leading-edge technologies and international collaboration.

Minister Liu emphasized the importance of this collaboration, “The opening of the Silicon Valley Startup Hub marks an important step in Taiwan’s efforts to partner with U.S. industry to promote innovation. By promoting the connection between Taiwan’s thriving entrepreneurial community and Silicon Valley, we are building a two-way bridge between the creative ecosystems of the two places, promoting exchanges and collaborations, and moreover, ensuring that our new start-ups will be able to compete and thrive in the global arena.”

In recent years, Taiwan’s government has invested heavily in fostering a strong startup ecosystem through a series of targeted initiatives, including grants, loans and industry awards. These efforts have yielded significant results in the form of a thriving ecosystem of about 10,000 active start-ups in a wide range of sectors, including health technology, energy, sustainability, agriculture, hardware, media and entertainment, and sales and marketing. Strong government-supported programs, including the Asia Silicon Valley Development Plan 3.0, further strengthen this ecosystem by connecting startups to international resources, investors and markets. By creating an environment that encourages innovation and entrepreneurship, Taiwan has become a key player in the global startup ecosystem.

In addition, Taiwan brings unique strengths to Silicon Valley that go beyond world-class advanced manufacturing, a resilient and flexible supply chain, and continued investment in research and development of transformative technologies, including artificial intelligence, biotechnology, and green energy. These strengths are complemented by Silicon Valley’s unrivaled innovative capabilities, creating a close partnership of synergy and collaboration. By combining Taiwan’s industrial strengths with Silicon Valley’s venture capital and disruptive startup ecosystem, this collaboration is expected to drive technological breakthroughs, enhance global competitiveness, and lay the groundwork for sustainable growth in the future.

The establishment of the Startup Island TAIWAN Silicon Valley Hub marks an important step in connecting Taiwan’s thriving startup ecosystem with the global stage. Startup Island TAIWAN will be a two-way bridge between Taiwan and Silicon Valley’s entrepreneurial ecosystem and a hub of talent by providing local communities with co-working space, education and training, conferences, networking events, professional consulting, and entrepreneurial landing services. Through initiatives such as the Employment Gold Card program, Taiwan has strengthened its position as a center for talent, technology and entrepreneurship, and has collaborated to make a positive impact and pave the way for a more connected and innovative future.

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SOURCE Business Next Media Corp.