‘Finfluencers’ too trusted by the under-30s
| Nearly 77% of under-30s trust financial information from social media. | The FCA warns young people about unregulated finfluencers promoting financial products. | Young people should seek advice from qualified professionals rather than ‘finfluencers’. |
A new survey suggests1 almost 80% of people under 30 trust financial information from social media. The ‘Young Money’ report from MRM found 59% of respondents aged 18 to 30 got their information about money from financial influencers (‘finfluencers’) they followed on social media, with 77% saying they trusted information from finfluencers. Additionally, 14% of survey participants said they would take actions on their finances based solely on what they had seen online from an influencer.
Are finfluencers scamming their audiences?
The Financial Conduct Authority (FCA) has expressed concerns over what it sees as more young people falling victim to scams, with finfluencers playing a prominent role. It has already started clamping down on ‘unauthorised persons who promote financial products or services,’ and last October it announced 20 finfluencers had been interviewed under caution while issuing alerts to a further 38 it believed were touting financial products illegally.
Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, said, “Finfluencers are trusted by the people who follow them; often young and potentially vulnerable people attracted to the lifestyle they flaunt. Finfluencers need to check the products they promote to ensure they are not breaking the law and putting their followers’ livelihoods and life savings at risk.”
The survey findings underline the importance of encouraging young people to be sceptical about who they follow on social media, and to always seek financial advice from a qualified professional who can make recommendations based on their personal needs and objectives.
1MRM, 2025
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.