Aqua found that TikTok is becoming a go-to platform for financial advice, featuring more than 120,000 posts tagged with #FinTok. While just 5% of Brits turn to TikTok for financial information, almost one in four (22%) 18-24-year-olds use the platform for money advice.
More widely, almost one in 10 (9%) people follow so-called ‘finfluencers’ on social media. The Financial Conduct Authority (FCA) has started to crack down on finfluencers who post unlawful product promotions, with influencers warned they can’t promote financial products or services without the necessary approval from the regulator.
Where do Brits go for money advice?
Perhaps reassuringly, financial advisers are the most common source of financial information and advice in the UK, with 35% of people saying they get their information from this source.
Meanwhile, popular TV programmes like The Martin Lewis Money Show have become household staples, with 29% of Brits relying on them for clear, straightforward financial advice. A similar proportion (28%) get advice from friends and family, while 20% follow advice from online articles from financial institutions.
Other sources of advice include online news articles (17%), finance blogs or forums (16%), magazines and newspapers (12%), budgeting and investment apps (11%), and finance books (10%).
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Younger people tend to go to friends and family for financial advice, with 30% of 18-24-year-olds and 32% of 25-34-year-olds seeking financial tips from their personal networks.
When it comes to social media, only 26% of Brits say they trust YouTube, and even less say they trust Instagram (17%), X (16%), Facebook (15%) and TikTok (15%). In comparison, eight in 10 (80%) trust advice from financial advisers.
Sharvan Selvam, commercial director at Aqua, said: “When it comes to managing your money and making financial decisions, using credible sources is essential. Misinformed decisions can lead to costly mistakes, so it’s important to rely on established, reputable sources of information – such as FCA-regulated financial professionals.
“We also encourage people to take advantage of credible free resources, such as workshops and webinars offered by banks and financial organisations. Government-backed sites and non-profits like Gov.uk, Citizensadvice.org.uk and MoneyHelper.org.uk also provide unbiased, reliable information. By consulting these sources and cross-referencing your research, you can confidently navigate your financial journey.”
