Financial Advice on Social Media: Useful Information or Costly Mistake?
- Culverhouse & Co
- 1 day ago
- 1 min read
A recent report by TSB highlighted a worrying trend: more than half of adults who acted on financial advice they saw on social media lost money, with an average loss of around £690.
Even more striking is how common this behaviour appears to be among younger adults, with 49% of 25–34-year-olds reportedly acting on financial advice found on social media over the past year.
Financial Advice on Social Media
Social media can be a great place to learn about financial topics. The problem comes when general advice is treated as personal advice.
Your financial circumstances are unique. Your income, savings, pensions, investments, tax position, goals, attitude to risk and capacity for loss all matter when making financial decisions.
A tip that worked for someone on TikTok or Instagram might be completely inappropriate for someone else.
So, What Should I Do?
Of course, social media can be used to ask questions and broaden your understanding - but be cautious about acting on specific investment or financial recommendations without understanding the risks.
And if you're unsure, speak to a qualified financial adviser who can look at your circumstances rather than giving you a one-size-fits-all answer.
At Culverhouse & Co, our financial planning starts with understanding you, your goals and your wider financial position before making recommendations.
Good financial planning about having a plan that's right for you - rather than following the latest trend.
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