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Why human-led employee education still matters

It’s wonderful to live in a time when answers are just a click away. You can easily find out how many inches are in a meter, get TV show recommendations, and find out where the next Olympic Games will happen. But when it comes to financial advice, the internet becomes a far riskier place.

From TikTok tips to viral Reddit threads, employees are consuming an overwhelming amount of financial content, and not all of it is accurate. In fact, much of it can be misleading, incomplete, or flat-out wrong. And while younger generations are the most likely to seek out this digital advice, they’re also the most vulnerable to its consequences.

Online financial information is popular

Social media platforms and influencer content are not inherently bad, but they are unregulated. Anyone with a camera and confidence can offer "advice" without any credentials. This opens the door to the kind of misinformation that can lead employees to make costly mistakes.

It’s especially concerning for younger employees. A recent survey found that 49% of Gen Z and 43% of millennials have sought financial advice on social media. Top sources for digital advice are Facebook, Instagram, TikTok, Twitter/X, and financial influencers from other platforms.¹ This may makes them more susceptible to making costly financial decisions, such as buying into trendy “get rich quick” schemes, misusing credit, or delaying critical savings milestones like retirement contributions.

The drawbacks of online financial advice

While it’s easy and convenient to look online for financial advice, the information found may be incomplete, misleading, or inaccurate.

“While some platforms have added disclaimers or warning labels on financial advice content…the risk of making misguided investment decisions due to misinformation and fraud is greater than the risk would be if the advice was taken from traditional advice channels. In the first six months of 2023, the Federal Trade Commission reported losses totaling $2.7 billion from investment-related fraudulent scams initiated on social media in the US alone; 37% of those fraud losses were reported by investors aged 20-29,” explained the World Economic Forum. [1]

When your employees receive and act on poor financial information, it can have a detrimental effect on financial wellness. Workers who are financially stressed may become less engaged and less productive – and that can hurt employers.

Pros and Cons of Financial Education Sources

The advantages of in-person employee education

While employees will continue to seek advice online, it’s possible to help them avoid costly errors by offering in-person financial education at work. A licensed financial professional can engage employees through group meetings or one-on-one sessions. Either possibility will give employees opportunities to:

• Receive personalized financial education from a licensed professional
• Double-check the accuracy and applicability of advice they’ve found online
• Choose saving strategies that reflect their personal finances and goals
• Build financial confidence while improving their financial security

When employers want to deliver financial education that supports financial wellness and retirement outcomes, partnering with a retirement plan advisor makes a real difference. Advisors can deliver robust financial education programs and fill education gaps with tailored, relatable content that can improve employee decision-making and overall financial wellness.

If you would like a complimentary consultation or a demonstration of our services, please get in touch. We are experienced employee educators who understand the importance of financial wellness.

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Sean C. Bjork, CIMA®, AIF®

Vice President

Bjork Group

1033 Skokie Boulevard, Suite 210

Northbrook, IL. 60062

p.312.464.7082

seanbjork@bjorkgroup.com

www.bjorkgroup.com

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Bjork Asset Management are separate entities from LPL Financial.

This information is provided as a general guide to educate plan sponsors. It is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.

©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute without permission.

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[1] Aru Bhat and Sofia Eckrich. “Are 'finfluencers' the future of financial advice?” World Economic Forum. July 17, 2024. Cited June 27, 2025.