The Daily Money: TikTokers offer financial advice; Thanksgiving Day meal will cost more
Welcome to a new week. This is Betty Lin-Fisher with the day's top headlines.
TikTok is known for a lot of things, but investing advice?
TikTok has emerged as an unlikely mecca for personal finance advice. One TikToker donned pigtails to demystify investment advice. Another appraised the field of S&P 500 investment funds in 56 seconds.
In a September survey by WallStreetZen, three-quarters of Gen Z respondents said they learned about personal finance from social media, especially TikTok.
While some videos are inspirational or innocuous, others veer into potentially risky advice about investments, insurance, and taxes, topics that might better be left to the pros.
“It’s scary, because it’s so unregulated,” said Catherine Valega, a certified financial planner in Boston, Massachusetts. “And the people who post, you click through, and maybe they’ve paid off a student loan, but they have no credentials, in most cases.”
Cost of Thanksgiving continues to rise
The cost of this year's Thanksgiving Day feast is going to be more expensive than last year's dinner.
According to Wells Fargo Consumer Thanksgiving report, "There are record price spreads between the wholesale price supermarkets pay versus the retail prices consumers pay – and the difference is impacting some of the most popular holiday dishes, including turkey and ham."
Last year, the average cost of a Thanksgiving dinner for 10 was $64.05, according to the Farm Bureau.
Although 2023 estimates are not yet available, the Consumer Price Index shows food-at-home prices up 2.4% this year.
Even as the pace of rising grocery prices has slowed in recent months, the Bureau of Labor Statistics found that grocery prices were up nearly 17% in the past two years.
📰 More stories you shouldn't miss 📰
Need a new tax strategy? These money-saving tips taken by Dec 31 may help pad your pockets
Revenge travel is out: It's not the destination, it's the vibes: What Americans want in their vacations now
History lesson: It wasn't always the biggest shopping holiday of the year. Why is it called Black Friday?
Eligible for Social Security? 3 crucial questions to ask yourself before taking Social Security in 2024
Free stuff on your birthday? Yes please! Score these items from your favorite stores.
🍔 Today's Menu 🍔
Cantaloupes sold in at least 10 states are being recalled due to a possible salmonella contamination.
Sofia Produce LLC, which operates under the name Trufresh, said the cantaloupes were distributed directly to Arizona, California, Maryland, New Jersey, Tennessee, Illinois, Michigan, Wisconsin, Texas and Florida, as well as Canada.
The FDA said the cantaloupes were sold packaged in cardboard containers labeled with the "Malichita" label between Oct. 16-23.
The cantaloupes also have an individual PLU sticker placed upon each fruit. The top half of the sticker is white and has the word "Malichita" written in script in black letters, while the bottom of the sticker is black and has the number 4050 prominently displayed in white letters together with the words "Product of Mexico/produit du Mexique."
No illnesses have been reported, but consumers who have purchased the recalled products are advised not to eat or serve the cantaloupes, and are encouraged to either throw them out or return them to the location where they were purchased.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.