Fake News Hits 401ks

Majority says it will be more prevalent in the future

401k, Trump, news, retirementWe're falling for alternatives.

A new executive order from President Trump will ban retirement outright, causing all Americans to work until they die. The story is posted on ImpeachDonaldTrump.com, so it’s gotta be true.

The American Institute of CPAs (AICPA) notes that fake news—deliberately false and misleading articles—has been everywhere of late, and a majority of Americans feel it will become even more prevalent in the future.

Over 60 percent of respondents to an AICPA survey also say the spread of fake news has made it more difficult to make critical financial decisions.

Specifically, they’re having a harder time with health care choices (44 percent), investing in the stock market (40 percent) and retirement (6 percent).

The good news (not fake) is that there’s widespread awareness about the issue. Almost 60 percent of Americans believe fake news is a serious threat to their financial decision making, with more than half of those saying the threat is very serious. Those sentiments are consistent for both genders, among household incomes and across generations.

Unfortunately, most Americans don’t think the problem of fake financial news will be resolved any time soon. Only 14 percent say they expect fake financial news to become less prevalent in the next year or two, with 32 percent saying it will stay about the same.

“Financial decisions around healthcare, investments and retirement can have serious, long-term implications. It can be difficult enough to understand the financial impact of proposed changes in laws and regulations without having to deal with a sea of disinformation,” said Greg Anton, CPA, CGMA, and chair of the AICPA’s National CPA Financial Literacy Commission Anton.

“Social media can serve to amplify the impact of fake news, particularly when many people are sharing articles that come to the same conclusion. It’s more important than ever to verify sources, check the facts and if you’re still not sure, speak to someone you trust before making any financial decisions.”

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