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05 February 2026

Staying Safe with Online Money Advice

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For consumers

Money advice is everywhere online, from social media posts to chat groups, blogs, podcasts and videos. Whether it’s about budgeting, investing or spending, it’s never been easier to find information and advice about what’s best to do with your money or how to reach your financial goals.

While there is a lot of helpful information out there, not all advice is trustworthy. Some may be misleading or even be a scam.

Read this guide to learn what to look out for and how to protect yourself when you’re engaging with online money advice.

Key points to remember

  1. Influencers are not financial advisers

      • Online content is not professional financial advice tailored to your personal financial situation, goals or risk appetite.

      • Don’t assume an influencer is an expert. Popularity or a lot of likes does not equal credibility or expertise.

      • Just because someone online recommends an investment or what worked for them, it doesn’t mean it’s right for you.

      • If a finfluencer recommends an investment but doesn’t mention the risks, that’s a red flag.

  2. Providing financial advice is regulated in New Zealand

      • If someone online is telling you what you should do with your money or recommends specific products to invest in, like shares, managed funds or derivatives, they may be giving regulated financial advice and must be licensed.

      • Licensed financial advisers must follow regulations that protect you and ensure that you receive advice that suits your needs. 

  3. Know what you’re seeing

      • Finfluencers can be paid to promote financial products or services. This should always be disclosed. Ask the influencer how they are getting paid before following their advice.

      • Just because someone shows off a luxurious lifestyle from their investing activities, it doesn’t mean it’s real or that you’ll get the same results.

      • Copy trading (replicating someone else’s trades) might look like a shortcut to success, but it’s not a guarantee. Just because someone offers signals or invites you to copy their trades doesn’t mean they know what they’re doing, or that it’ll work for you.

  4. Watch out for scammers or misleading information

      • Some finfluencers might promote investments that are fake or not as profitable as they make them out to be.

      • Don’t believe promises of quick, easy money or guaranteed returns. All investments carry risks, and you could end up losing your money.

      • Online content attracts scammers. Be careful with anyone offering tips or promoting schemes in the comments.

      • Find out more about protecting yourself from scammers here. 

Tips to stay safe when following online money advice

Investigate before you commit –  Check the background of the finfluencer and their motivation to provide a particular recommendation. Ask the finfluencer to provide evidence of their experience and qualifications to give out money advice. Are they licensed to give financial advice? If not, be cautious.

Don’t believe the hype – Ask for evidence: If you see bold claims of high and guaranteed returns, be sceptical. Look for the facts, not grand promises.  

Do your own independent research first – Before you take advice from a finfluencer, do your own research first and make sure you understand the investment and the risks involved.  

Only invest what you can afford to lose – Investing is risky and returns are never guaranteed. Some investments, such as crypto, forex or derivatives, are very high risk. Be prepared for an investment to go wrong.  

Talk to someone you trust – a second opinion from your friend, whānau or a licensed financial adviser can help you spot the red flags you might miss.  

Stick with NZ-registered providers – If a finfluencer promotes a financial service provider, make sure that they are registered on New Zealand’s Financial Service Providers Register (FSPR). Using a registered provider means you’ll usually have access to an independent dispute resolution scheme (DRS), a free service where you can complain if something goes wrong. Learn more about dispute resolution schemes and how they work here: Disputes and consumer protection

Stay alert to scams – If you see something that sounds too good to be true, it probably is. Watch out for promises of high returns for little risk, pressure tactics and fake endorsements. Here are some other tips to keep you safe from scams. 

Speak to a licensed financial adviser - If you’re considering an online recommendation and have any questions about the investment, get advice from a licensed financial adviser. A financial adviser will tailor advice to your needs. Learn more about getting financial advice and how to find a financial adviser here.

Report unlicensed advice and scams – If you see someone giving regulated financial without a licence, or promoting investment scams, tell us about it here.

What risky online money advice can sound like

Be cautious if you hear or see statements like these:

“XYZ Coin is going to the moon! You should buy now before it’s too late.”
“I’ve made 200% profit in one month investing in XYZ. You can too!”
“ABC stock hasn’t been doing well. I am going to sell my shares while I still can.”
“Live your dream life! Just copy and paste my trades and watch your profits grow. It’s fast, easy and low risk.”
“Contact me for tailored property investment strategies to help you achieve financial independence.”
“You should open a term deposit with ABC. They have the best rates at the moment.”