Social media and your finances - a warning...

Make sure you don't get caught out

Social media and your finances - a warning...

Social media can be brilliant – it's a great way to keep in touch with family and friends, especially the ones you don't get to see that often, and can keep you abreast of things going on in the world. But there are things you have to be careful about as well.

We recently posted on how to use social media to save money and there's no doubt there are certainly ways to put money back into your pocket.

So, what do you reckon? Are you a savvy social media user, ready to make some dough, or have you been caught out by these stings?

Three ways social media could make you lose money

1. You could get caught out by what you post

Would you be happy with your boss or a future employer looking at what you post? If you have a public profile, it's worth thinking about. Employers are increasingly savvy with checking out prospective employees' online presence. There's also speculation mortgage lenders could use your social media to help them indicate how trustworthy you are to lend to, using data such as how often you are logging in during working hours for personal use. Although this isn't likely to be the point which makes or breaks something like a mortgage application, it is worth knowing that anything you post publically, can also be viewed publically.

Google yourself and take a look at the information that is available about you publically – are you happy with it?

2. Your boarding pass could contain more than you think...

We've all seen those posts on social media with a snapshot of a boarding pass in full view – in fact, perhaps we've posted it ourselves. But have you ever wondered what information it includes?

Dependent on the airline you're flying with, someone could potentially pull up your flight information and view information including your billing information and date of birth, by visiting the airline's website. Make sure you don't get caught out!

3. Burgled when on holiday? Your insurer may not pay out

Another one to be careful about if you're fond of a Facebook check-in at the airport – anyone seeing it will then know your house is empty while you are away.

Explicitly announcing your plans online could make it harder if you are burgled, and are looking to make a claim on your insurance. Check your policy wording. The Association of British Insurers also suggest speaking to your insurer if you are going to be away for more than 30 days.

This article is provided by the Money Advice Service.


Warnings for Social Media Users


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