HONOLULU (KHON2) — According to the Better Business Bureau, a recent Gallup Poll showed 85% of U.S. consumers say they’re looking for personal finance information.
While the majority of Americans want to invest – and are actively seeking out financial advice – many don’t know where to start. The BBB said this confusion can be costly, from putting off financial planning entirely to losing thousands on fraudulent investment schemes.
BBB’s Cameron Nakashima said they’re seeing a lot of people actively looking for financial help, but turning to the wrong sources.
BBB’s latest Scam Tracker Risk Report found that investment scams are now the riskiest scam type in North America. Eighty percent of people who reported one lost money, with a median loss of $5,000.
Locally, BBB received seven investment scam reports from people in Hawaii in 2024, with total losses over $289,000.
Nakashima said most of these scams start with someone online pretending to be a crypto expert or investment guru. When investing, it is best practice to work with a local, trusted financial planner or wealth management business.
Here are some other tips:
- Don’t feel bad if this stuff overwhelms you. Topics around investing can be intimidating, so reaching out to a trusted financial advisor is a great way to begin your investing journey. There are a lot of great websites out there that help you quickly learn what options might be best for your budget.
- Better Business Bureau’s BBB.org offers a free resource called Financial Wellness HQ, which explains what to look for in a financial business, how to avoid scams, and how to connect with trusted professionals. While Better Business Bureau is not here to give financial advice, we do help you for free to find trusted businesses that can provide reliable advice for your situation.
- When you find a business you want to learn more about, you can reach out to them using BBB’s Get a Quote feature for pricing and to compare your options. It’s a great way to start a conversation with a trusted business that can help you take those first steps in your financial planning journey.