Advice shared by online financial influencers (finfluencers) is generally “low quality”, according to new research, despite widespread use of such content by UK adults.
The study by Queen Mary University of London, funded by Aberdeen Group Charitable Trust, analysed nearly 2,500 finfluencers across Instagram, TikTok and YouTube. It also surveyed more than 4,200 adults aged 18 and over across the UK.
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Researchers found that most financial guidance posts came from independent content creators rather than trusted sources such as Money and Pensions Service or the Financial Conduct Authority.
The review covered 1,000 posts from each platform. It found that nearly nine in ten social media posts containing financial guidance showed more negative than positive quality features.
Only 8% to 9% of posts stated the creator’s relevant expertise. Just 12% to 13% included disclosures or disclaimers.
Overall, almost 90% of posts contained more negative features than positive ones.
Despite that, social media remains a widely used source of financial guidance. Two in five survey respondents said they use it for this purpose, citing its “relatability, breadth of information and ease of access”.
Around 31% said they had tried guidance found on social media in the past year, such as applying a financial tip or making a related decision.
Among those who acted on social media guidance, 70% reported mostly “positive outcome”, 27% experienced mixed results, and 3% reported mostly negative outcomes.
The research found that positive outcomes were more commonly reported by women, frequent social media users, and respondents with higher levels of personal finance knowledge.
Most users also recognised the limits of financial guidance on social media.
Common concerns cited included untrustworthy information, a lack of financial qualifications among creators, and bias.
Almost all respondents, 94%, said they verify information they see. However, many relied on weak checks such as reading comments.
Fewer respondents checked the credibility of the source, at 58%, or compared information with reputable websites, at 49%.
The study also found that the quality of financial guidance varied significantly by platform. YouTube posts consistently included more positive quality features than content on Instagram or TikTok.
Nearly one in five YouTube posts stated the creator’s expertise, compared with just 2.2% on Instagram and 3.9% on TikTok.
The survey also pointed to limited awareness of the rules around online financial content.
More than half of respondents were unaware of the legal distinction between “financial guidance” and regulated “financial advice”.
Four in ten were surprised that most financial guidance on social media falls outside existing regulation.
Kristina Church, chair of the Aberdeen Group Charitable Trust and group head of sustainability at Aberdeen Group said: “The Financial Conduct Authority has been clear about its concerns over poor quality financial information from finfluencers, and has stepped up its presence on social media to help protect consumers. The Advertising Standards Authority has also shown that influencer engagement can be effective when it is done well, demonstrating that social media, used responsibly, can be a powerful way to help people engage with money and manage their finances.
“But responsibility can’t sit with regulators alone. This research shows platforms have a vital role in making sure financial content shared online meets basic standards and to limit the spread of misleading content. With money tips appearing in feeds every day, improving financial literacy is essential, so people can judge information confidently and make informed decisions about their financial futures.”
Eileen Tipoe, report author, from Queen Mary University of London, said: “There is some great content out there from ‘finfluencers’, however, our findings show a clear gap between how influential financial guidance on social media has become, and the level of oversight that currently applies to it. “While social media can improve access to information, the lack of consistent standards by the platform providers and disclosures means many users are exposed to guidance that would not meet basic quality expectations in other settings.”
