Social media is reshaping the way people learn about money, pensions and investing. At the centre of this change is the rise of the “finfluencer”. The trend is often associated with misinformation, scams and unqualified advice, yet it also raises a more positive question. Could accessible, engaging content be encouraging younger generations to take a greater interest in their financial futures?
The scale of that influence is considerable. Around 58% of 18–24-year-olds follow TikTok or Instagram creators who discuss money, budgeting and investing. The Financial Conduct Authority has responded to the risks with increased monitoring and enforcement against unlawful financial promotions, including cautions, fines and arrests. Its research suggests that nine in ten social media followers aged 18 to 29 have been encouraged by online influencers to change their financial behaviour. This combination of reach and vulnerability makes the quality, context and regulation of financial content increasingly important.
The key message is one of balance. Finfluencers can contribute to stronger financial awareness, challenge outdated perceptions of pensions and financial planning, and introduce important topics to audiences who may not engage with traditional sources.
Greater engagement with money is welcome, but social media cannot replace regulated guidance from an experienced, qualified financial adviser who can consider goals, timescales, affordability and tolerance for risk.
In the latest article as featured in The Scotsman, Financial Planner Ryan Holmes reflects on this latest trend and explores both sides of this debate and considers how digital financial education can support better decisions without obscuring the need for context, scrutiny and professional financial advice. Read the full article here.
