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Where do you go when you need to find information? For many people, it’s their phone. We look things up using search engines and, for a growing number, social media to find what we need to know whether that’s a restaurant for tonight, a holiday or perhaps even financial advice.
Our Wealth and Wellbeing December 2024* research revealed that 30% of people have used consumer education websites when looking for trusted advice. When we looked into this further, a quarter of people have asked family and friends for advice and 18% have used blogs, podcasts or social media.
As social media becomes an option for many for everyday financial advice, it’s important to know how to identify reliable information.
How do you use social media?
Recently there has been an increase in finfluencer content on platforms such as Instagram and TikTok. A finfluencer is a financial influencer who promotes financial products and services through social media platforms.
The FCA reported* in October 2024:
- 62% of 18-29 year olds follow social media influencers.
- 74% of those said they trusted their advice.
- 9 in 10 young followers have been encouraged to change their financial behaviour.
What does this mean for you? If you’re using social media for guidance, it’s important to only trust and follow advice from those who are qualified to give it. An independent financial adviser for example, will be regulated to give advice and will provide you with recommendations based on your personal circumstances.
How do you protect yourself?
When looking at financial advice content, think about using multiple sources and check for evidence that the source is reliable. Does the advice link to a reliable professional, company or website?
Something to bear in mind is that some decisions are irreversible so it’s important to make the right choice.
Check the FCA’s warning list before making any decisions about investing or withdrawing your money. The FCA’s ScamSmart page contains information that can help you make better investment and pension decisions.
How do you find information that is reliable?
Increasing your knowledge using safe and trusted sources could help you to increase your financial confidence. When looking for credible guidance and advice, use resources such as:
- Government websites.
- FCA authorised financial services providers.
- Independent financial advisers (IFAs).
- For free financial support, advice and guidance, use sources such as MoneyHelper, Citizens Advice, StepChange and National Debtline.
There’s also help available to you in our pension and retirement guides and life insurance guides section.
Before making any major financial decisions, we’d always suggest speaking to a financial adviser. A financial adviser will take the time to review your situation and tailor their recommendations to your personal circumstances and needs.
If you’d like to talk about your retirement options, our Retirement and Pensions Advice Service can help. Have a commitment free chat with one of our friendly advisers today.
For advice on what protection policies might be best for you and your family, our friends at LifeSearch can help. Learn more and get in touch.
Notes on our data
*The LV= Wealth and Wellbeing Research Programme is a quarterly survey of 4,000 UK consumers exploring their attitudes to their personal finances and wellbeing. The statistics shown here are as a result of the survey we conducted in December 2024.
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