The Pandemic Turned Reddit Into a Go-to Source for Money Advice

The Pandemic Turned Reddit Into a Go-to Source for Money Advice




  • Reddit’s personal-finance communities saw Brobdingnagian body ontogeny during the pandemic.

  • Users handle everything from budgeting and debt payment to homebuying and withdrawal planning.

  • These Q&A forums can’t change professed money advice, but they’re beatific added resources.

  • This is an instrument column. The thoughts spoken are those of the author.

  • Visit Personal Finance Insider for more stories.


Reddit became substitutable with meme stocks during the pandemic as investors, newborn and seasoned, flocked to the hit market.


But Reddit, a user-generated online forum, hosts numerous personal-finance communities brimming with farther more beatific advice than the venturous trades promoted on the favourite and ofttimes vulgar r/WallStreetBets. In 2020, discussions on Reddit most polity stimulus, budgeting, retirement, long-term investing, employment, business independence, and prudence attracted users in droves.


Membership on the subreddit r/FinancialPlanning grew 87% between June 2020 and 2021, according to Reddit, to more than 241,000. Users there deal and offer strategies for stipendiary soured debt, environment business goals, and action for retirement, among another how-to topics. A weekly “Moronic Monday” arrange allows users to locate questions in a judgement-free regularize that they strength be ashamed to communicate offline.




For investing-specific conversations and news, nearly 2 meg users invoke to r/investing — its forward tagline: “lose money with friends.” That subreddit’s body grew 83% between June 2020 and 2021, Reddit said.


The subreddit r/personalfinance has more than 4.7 meg members and hosts conversations about, well, anything and everything attendant to spending, earning, saving, and direction money. And these users aren’t meet chatting most what they bought yesterday or how such their investments made; they’re serving apiece other. Two in threesome Reddit users hit prefabricated real-life business decisions supported on advice they conventional from man Redditors, the consort said.


But move — is it sharp to study business advice from haphazard avatars? As a certificated business individual myself, my knee-jerk activity is no. But what I’ve observed on these subreddits over the time individual months has certain me otherwise.


While there are limits to these Q&A communities — they’re not a stand-in for professed advice — I hold them as a innocuous expanse to intend feedback, communicate most another people’s experiences and strategies, see business basics, and fete apiece others’ wins.


Reddit isn’t same another ethnic media


In the organisation of decorous business advice dispensed on ethnic media, Reddit is at the top. Unlike Twitter and TikTok, the posts aren’t fashioned to be exhausted in seconds. Unlike Instagram, you’re not up against the algorithm.


Posts on Reddit’s personal-finance communities are ofttimes long-winded and thoughtful, flooded of caveats and follow-up questions for the warning poster. There’s shack for discourse and nuance, which is crucial when it comes to handling with money. The wager are high, and these users seem to see and attitude that.


And that’s to feature null of the bedded and deeply awesome wiki on r/personalfinance where US-based users could presumably clear hours effort up to pace on everything from how assign entireness to which shelter programme they need. There are also elaborate answers to commonly asked questions and beatific advice plain for limited geezerhood groups.


I revalue that apiece subreddit has a code of conduct, and users who disobey crapper be reportable to Reddit or illegal from posting. On r/personalfinance, you can’t speech most persuasion or breaking the law, and you can’t be abusive, unhelpful, or withering toward others. Self-promotion and business are illegal (there’s no #sponcon to intercommunicate of). In another words: Stay on matter and meet helpful, or you’re out.


It’s country why, according to figures Reddit mutual with me, more than threesome lodging of users see more easy discussing business topics on its papers than on another ethnic media. Hang around ofttimes sufficiency and you’ll belike walk upon resources you didn’t undergo you needed. Earlier this assemblage I profiled a Reddit user who mutual her homespun budget model on r/personalfinance to such fanfare. She got messages from grouping locution it helped them clear soured credit-card debt, spend for a house, and prepare a better mindset around money.


Not everything you encounter on Reddit’s personal-finance communities is helpful, of course. I don’t conceive it’s the prizewinning locate to go for high-level set guidance, limited creation recommendations, or realty planning, for example. It’s also not the prizewinning inventiveness for grouping loath to do whatever of their possess research. After all, no digit cares most your money more than you.


Meeting face-to-face (or screen-to-screen) with a business individual or comptroller who has admittance to your business statements and crapper apprize you supported on your unequalled goals is irreplaceable. But if you’re hunting for a accord of grouping who crapper support saucer you in the correct direction, or ready you impelled and conversant along the way, you strength meet encounter it on Reddit.









Tanza Loudenback



Correspondent, Personal Finance Insider






Tanza is a CERTIFIED FINANCIAL PLANNER™. She breaks downbound individualized direction programme and writes most taxes, investing, retirement, wealth building, and debt management. She helms a period newsletter and a column responsive reverend questions most money (submit yours here). 

Tanza is the communicator of digit ebooks, A Guide to Financial Planners and “The One-Month Plan to Master your Money.”

In 2020, Tanza was the article advance on Master Your Money, a yearlong warning program providing business tools, advice, and rousing to millennials.

Tanza is acquirable to interpret as an proficient maker on most individualized direction topics, including budgeting, using assign game responsibly, and antiquity beatific business habits. Reach her by telecommunicate at tloudenback@insider.com

Tanza connected Business Insider in June 2015 and is an graduate of Elon University, where she unnatural journalism and Italian. She is supported in Los Angeles.










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The Pandemic Turned Reddit Into a Go-to Source for Money Advice




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The Pandemic Turned Reddit Into a Go-to Source for Money Advice

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