This research investigates the social media platforms Twitter, Reddit, YouTube, and TikTok impact on retail investors' decision-making. From a behavioral finance viewpoint, the research uses survey evidence from 104 active retail market participants. The results show that social media is an attractive source of investment information but also creates cognitive biases. Surprisingly, 65% of participants confessed to using the sites for investment tips, while only 12% marked the information as highly reliable. Financial influencer posts and viral posts were seen to trigger herd behavior and overconfidence, especially among young investors. Statistical correlation showed that frequent social media use was strongly correlated with perceived trust in content in a sign of familiarity bias. These results evidence increased democratization in the dissemination of financial information but also an erosion of trust echoing the need for increased financial literacy and online regulatory standards.