Does it seem like all of your friends are living large and spending more? It’s common for people to feel the Fear of Missing Out (FOMO) -- when they think others may be experiencing better things or having more fun. Buying based on FOMO has increased with the rise of social media.

Financial literacy plays a key role in a person’s ability to build financial resiliency and weather life’s storms. The importance of financial resilience was exemplified during the pandemic when many people lost their jobs, became caregivers for family members, or experienced major financial struggles due to decreased savings or inflation.

Our economy has experienced many ups and downs in the past two years due to the pandemic, inflation, increasing interest rates, and now a looming recession.  

Rising prices may affect some New Brunswickers’ ability to meet day-to-day expenses, causing them to consider a loan from an online payday lender as a short-term fix to an immediate financial need.

Influencers and celebrities may be paid to endorse an investment product, or their likeness may be used by scammers to create fake endorsements.  Be wary of investment endorsements from celebrities or professional athletes on TV, radio, news sites or social media.

You may have heard about the risks associated with buying crypto - it's a highly volatile and speculative asset. However, if you’ve evaluated the risks and are comfortable with them, you might still be considering it. Maybe a friend or family member has even mentioned a promising opportunity that seems too good to pass up (cue the red flag!).