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Half of young people turn to finfluencers for financial information
The Young Money 2025 Report was released this week, revealing an intriguing trend: young people are increasingly seeking financial advice from “finfluencers”
Young people are increasingly relying on social media financial influencers for financial information, according to a new report.
Just under half (45%) of 18-to-30-years-olds said they used social media for financial information, according to a report from reputation management consultancy MRM.
This fell to one in three (33%) for direct communications from financial services firms such as email or in-app messages.
Less than a quarter turn to traditional news sources such as newspapers (24%) and television (23%) for financial information.
Chris Tuite, head of consumer finance at MRM and Mouthy Money podcast co-host, cautions in the report that the rise of finfluencers as a key source leaves significant room for harmful outcomes, as there is no guarantee the information they share is trustworthy.
“While many social media influencers offer some helpful tips, others are spreading unverified and, in some cases, harmful financial advice,” he says. “The Financial Conduct Authority (FCA) cracked down on rogue finfluencers in October 2024, but that is just the beginning.
“Young people need trusted sources of information to help them build stronger financial foundations and stop certain unregulated influencers filling the void with potentially dangerous and misleading advice.”
Despite this, three in five (59%) follow so called ‘finfluencers’ on social media, but just 3% say they don’t trust the information finfluencers give out.
‘Guidance over gamification or gratification’
When asked who was most responsible for providing them with financial information, half (47%) said financial firms. This was higher than family (41%) or personal responsibility (36%).
But nine in 10 young people (90%) say they want more guidance when it comes to managing their money.
Tuite says these findings demonstrate financial firms need to work harder to engage with young people. This, he believes, means more than just having a presence on social media. Financial firms need to create content that actually engages with the right audience.
Tuite adds: “The message delivered by young people in the UK couldn’t be clearer. They want financial services firms to step up and regain their ‘finfluence’. They say they need real, reliable financial guidance, and they expect financial services firms to provide it.”
“The key question financial services providers must grapple with is how to do that. Our data shows these firms are largely present on social channels but are not able to garner the same attention as this new breed of finfluencers.
“The FCA is clearly signalling its intention to clear up any grey areas, but the industry also has an opportunity to give young people what they want. They need to start creating the kind of social content that will deliver, and crucially, focus on guidance more than gamification or instant gratification.”