Misinformation and lack of trust in traditional institutions runs rampant in our society.

The regulated financial sector is no different, particularly among young people. Roughly 38% of Gen Zers get financial information from YouTube, and 33% from TikTok, according to a recent Schwab survey.

As a former regulator and author of kids’ books about money, I am truly horrified by the toxic advice they are getting from these unqualified “finfluencers” — advice which, if followed, could cause lasting damage to their financial futures.

Most troubling are finfluencers who encourage young people to borrow. A central theme is that “chumps” earn money by working hard and that rich people make money with debt. They supposedly get rich by borrowing large sums and investing the cash in assets they expect to increase in value or produce income which can cover their loans and also net a tidy profit.

Of course, the finfluencers can be a little vague about how the average person can find these wondrous investments that will pay off their debt for them. Volatile, risky investments — tech stocks, crypto, precious metals, commercial real estate — are commonly mentioned.

You can find finfluencers advising against diversified, low fee stock funds in favor of active trading (without disclosing research consistently showing active trading’s inferior returns). Or ones that discourage individual retirement accounts and 401(k) plans as savings vehicles in favor of real estate or business startups (without mentioning lost tax benefits as well as the heavy costs and expertise needed to manage real estate or high failure rates among young companies).

Some encourage making minimum payments on credit cards to free up money for speculative investments (without mentioning the hefty interest costs of carrying credit card balances which compound daily).

Why are so many young people turning to these unqualified social media personalities for help in managing their money instead of regulated and trained finance professionals?

One reason: the finfluencers make their advice entertaining. It may be wrong, but it’s short and punchy. Materials provided by regulated financial service providers can sometimes be dry and technical.

In addition, regulators themselves offer educational resources directly to the public. For young adults, one of the most widely used is Money Smart, offered by the Federal Deposit Insurance Corporation — an agency I once proudly chaired.

There are also many excellent regulated and certified financial planners. However, most young people will not have the budget to pay for financial advice. 

They don’t have to if they just keep it simple: set a budget, stick to it, save regularly, and start investing for retirement early in a low-fee, well-diversified stock index fund. They should minimize their use of financial products and services. The more accounts and credit cards they use, the harder it will be to keep track of their money.

Above all, they should ignore unqualified “finfluencers.” 

Check their credentials. Question their motives. Most are probably trying to build ad revenue or sell financial products. In the case of celebrities, find out who’s paying them (because most likely, someone is).

Regulated finance needs to reclaim its status as a more trustworthy source for advice. The best way to do that is, well, provide good advice. Every time a young adult is burnt by surprise bank fees, seduced into over borrowing by a misleading credit card offer, or told to put their retirement savings into a high fee, underperforming fund, they lose trust.

I know regulation and oversight are out of favor these days. But we need a way to keep out the bad actors, and practices to protect young people new to the financial world. It’s important to their financial futures and the future of the industry as well.

Sheila Bair is former Chair of the FDIC, author of the Money Tales book series, and the upcoming “How Not to Lose $1 Million” for teens. She is a member of CNBC’s Global Financial Wellness Advisory Board.

Gold is often considered a safe-haven investment because it typically acts as a hedge in times of political and financial uncertainty. Prices are currently soaring amid fears of a global trade war and its potential to push the U.S. economy into recession.

However, some analysts think gold prices may have peaked.

“We’re probably close to maximum optimism on gold at this point,” said Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute. Investors who chase returns may find themselves regretting it later.

“It’s so overbought,” Samana said. “Buying gold right now, you’re coming a little late to the party. It doesn’t mean it’s over, but you’re not early.”

So far this year, gold prices have notched more than a dozen record highs and are currently trading above $3,000.

Gold futures prices were up about 21% year-to-date as of noon ET on Friday and 30% higher compared to the price a year ago. Prices have popped about 7% this week alone, on pace for the best week since March 2020.

By comparison, the S&P 500 is down about 11% in 2025 and up about 1% in the past year.

President Donald Trump imposed steep country-specific tariffs on Wednesday, but ultimately delayed them for 90 days. However, a trade war between the U.S. and China — our third-largest trade partner — escalated as each nation engaged in a tit-for-tat tariff increase.

As of Friday morning, the U.S. had put a 145% tariff on imports from China, which hit back with a 125% levy on U.S. goods.

While some analysts think gold prices are close to topping out, others think there’s room to run.

“Even though gold prices are at an all-time high, the reality is that in the next couple of years it could accelerate,” said Jordan Roy-Byrne, founder of The Daily Gold, an online resource for gold, silver and mining stocks.

Experts often recommend getting investment exposure to gold through an exchange-traded fund that tracks the price of physical gold, as part of a well-diversified portfolio, rather than buying actual gold coins or bars.

“For most [investors], I would say a gold bullion-backed ETF makes the most sense,” Samana said. SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) are the two largest gold ETFs, according to ETF.com.

Financial advisors generally recommend limiting gold exposure to the low-single-digit percentage, perhaps up to 3% or so, of one’s overall portfolio.

Gold tends to perform “okay” when investors are worried about inflation or stagflation, Samana said — fears sparked by the Trump administration’s recent tariff policies. However, it “rarely does well” during recessions, which is when bonds “really show their value,” he said.

Consumers, especially, seem to like that idea. When Costco started selling 1-ounce bars last year, revenue soared, with Wells Fargo analysts estimating that the wholesaler generated up to $200 million a month from gold sales alone.

“Amidst the recent stock market turbulence, we’re seeing renewed interest in tangible, physical assets that exist outside traditional financial structures,” according to Tim Schmidt, the founder of Gold IRA Custodians, an online resource for buying gold.

But buying physical gold during uncertain times may not make much sense for investors unless they are extremely anxious the financial system might implode — at which point physical gold can theoretically help people barter for goods and services, Samana said.

“We have clients who currently hold positions in gold. These are typically individuals with substantial assets across various industries and sectors, using gold as a means of portfolio diversification and balance,” said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California.

Even in the face of heightened uncertainty largely due to tariff-induced market swings, “we are not proactively recommending that clients add to their gold positions at this time,” said Sun, a member of CNBC’s Financial Advisor Council. “Instead, we suggest maintaining higher cash reserves, fully funding emergency savings, and reallocating as needed based on evolving financial goals.”

Lee Baker, a CFP based in Atlanta, says more clients are worried that tariffs will hinder economic growth and have recently been asking about alternative investments in gold. “Often during times of chaos there is a ‘flight to safety,’ so in a time like this we are seeing some movement to gold as a part of the fear trade.”

According to Baker, who is the founder, owner and president of Apex Financial Services and a member of CNBC’s FA Council, “incorporating gold, and other commodities, is a good idea in general.”

He recommends adding gold ETFs to client portfolios, although “there have been occasions where we have utilized gold stocks in the form of investing in mining companies or gold-related company mutual funds.”

As for physical gold, “if it makes you feel good to go grab an ounce at Costco or wherever, do it,” he said. But with that comes the additional responsibility and costs of storing, insuring and safekeeping those holdings, he added.

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Americans are growing increasingly uneasy about the state of the U.S. economy and their own personal financial situation in the face of stubborn inflation and tariff wars.

To that point, 73% of respondents said they are “financially stressed,” with 66% of that group pointing to the tariff wars as a main source, according to a new CNBC/Survey Monkey online poll.

The survey of 4,200 U.S. adults was conducted April 3 to 7.

CNBC/Survey Monkey polls from 2023, 2024, and this year have found that, on average, more than 70% of Americans said that they are stressed about their personal finances. This year’s survey found that 38% of respondents overall said they are “very stressed,” and 29% of high-earners with incomes of $100,000 or more also shared that sentiment.

Consumers are, of course, increasingly stressed by rising prices for essentials like food, energy, and shelter. This is due to a number of factors, including rising inflation, supply chain disruptions and geopolitical events.

In the new CNBC survey, 86% of Americans cite inflation as the top reason for their financial stress, while 75% pointed to interest rates and 66% cited tariffs. 

While inflation peaked at 8% in 2022, a 40-year high, it has since cooled significantly, reaching 2.4% in March. Despite this decline, the increased prices during 2022 have led to a loss of purchasing power for Americans, meaning they can buy less with the same amount of money than before.

It would take nearly $114 today to buy what would have cost $100 in January of 2022, according to the Bureau of Labor Statistics.

And while Inflation has eased, experts do say the fallout from President Trump’s trade war threatens to put upward pressure on prices in the months to come.

Tariffs are generally considered to be inflationary, economists say. This is because tariffs increase the cost of imported goods, which can then be passed on to consumers in the form of higher prices. This can lead to a temporary increase in the overall inflation rate.

“We know that tariffs are inflationary,” said David McWilliams, an economist, podcaster and author. “We know that’s hitting on people’s expectations of how much money they’re going to have in their pocket in a couple of months time.”

So, when it comes to financial stress caused by tariffs, 59% of those surveyed by CNBC oppose President Trump’s tariff policy, with 72% concerned about the impact on their personal financial situation.

As a result, 32% said they have delayed or avoided making retail purchases, and 15% said they have “stocked up.”

What’s more, 34% of those surveyed said they have made changes to their investments due to recent stock market volatility from tariffs.

“The biggest thing is that it’s unknown, and when we don’t know things, and we can’t control things, that’s when our anxiety and our worry can spike, and it’s contagious,” said licensed therapist and executive coach George James, CNBC Global Financial Wellness Advisory Board member, a licensed therapist and executive coach.

While the market could be in for a bumpy ride over the next few months, experts say it’s best to stay the course and avoid making major portfolio changes based on the latest news.

To manage investments during the latest tariff volatility, for example, financial advisors urge investors to maintain a long-term perspective, review and potentially adjust their asset allocation, and consider diversification to mitigate risk. It’s also smart to bolster emergency funds, review your risk tolerance, and explore opportunities for tax-loss harvesting.

Financial experts also urge investors to focus on their risk appetite — and their goals.

“This is the time to evaluate short-, mid-, and long-term financial needs, concerns, and goals. Evaluation before action or inaction is essential,” said Michael Liersch, head of advice and planning at Wells Fargo, said in an e-mail to CNBC. “Getting specific on exact dollar targets, timelines around these targets, and their level of importance [priority] can create clarity around what should be done, if anything.”

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