Financial advice can come from a variety of sources, from family members to professional advisers.

Increasingly, however, people are seeking guidance on social media. In fact, TSB’s survey found that 4 in 5 respondents had seen online advice without even searching for it.

Acting on advice posted on social media can be risky. More than half of the 31% of the TSB survey respondents who had taken financial advice from social media lost money as a result.

Read on to learn why taking online financial advice at face value can be risky and the steps you can take to ensure you make informed decisions.

What is a “finfluencer”?

A financial influencer, or “finfluencer”, is a social media personality who uses platforms such as TikTok, Instagram, and YouTube to share personal finance tips and strategies for building wealth.

They may offer guidance on anything from budgeting and saving to investment opportunities.

Often, they will present as “wealthy”, displaying a lavish lifestyle to create a potentially false image of financial success. As an example, some influencers have been known to hire private jets purely to create content, without ever leaving the tarmac – as AeroTime reports.

So, it’s important not to trust what you see online without scrutiny.

Finfluencers may not be qualified or regulated to give advice

In some cases, online financial advice could be offered with the best of intentions. Some finfluencers may genuinely hope to help their followers build their wealth.

But that doesn’t mean their advice is trustworthy.

Many finfluencers are unqualified to offer financial advice. Their qualifications could be outdated, irrelevant to the market they’re commenting on, or simply non-existent.

What’s more, social media personalities giving financial advice are typically unregulated.

Indeed, anyone can create a social media account, declare themselves a financial expert, and start sharing advice. Because they’re not regulated, they generally offer poor advice and false information without repercussions. Additionally, there may be no clear way to raise a complaint if you lose money as a result of their advice.

By comparison, financial planners must have certain credentials, accreditations, and qualifications in order to offer financial support. Financial planners are also overseen by regulatory bodies, meaning they have to adhere to strict guidelines.

Many finfluencers are posting content for personal gain

Very few finfluencers are likely to be sharing financial advice out of the goodness of their hearts. In most cases, they stand to profit from your engagement one way or another.

Of course, there’s nothing wrong with them making money. But the way in which they profit from you taking their advice could be questionable.

For example, some finfluencers may have a stake in the products or investments they’re promoting. Some could be hoping to bait viewers with unachievable guarantees to gain clicks, followers, or sell additional content, such as a guide.

It’s important to always question why the person is offering that advice and what they could stand to gain from it. If it sounds too good to be true, it probably is.

Some investment opportunities can be fraudulent

In some cases, finfluencers might promote poor investment opportunities and promise large returns that never come to fruition.

But in others, the investment opportunities could actually be fraudulent – meaning “investors” essentially hand over their cash to scammers. In one 2026 case, seven social media influencers pleaded guilty to issuing unauthorised financial promotions and were sentenced to pay fines and costs, as the FCA reports.

Even advice from sources you deem trustworthy is generally worth scrutinising. In 2023, one investor lost £76,000 after investing in a non-existent bitcoin investment scheme seemingly promoted by financial journalist Martin Lewis. As the BBC reports, the scammers had used deepfake technology to impersonate Lewis and defraud people into investing.

As such, it’s always wise to verify an investment opportunity before parting with your money. A financial planner can help you determine the validity of the investment and provide support to protect your wealth.

It’s not tailored to you

Even if the advice you see online is legitimate, that doesn’t mean it’s right for you. There’s no one-size-fits-all strategy when it comes to financial planning, meaning what worked well for an online influencer won’t necessarily deliver the same results for you.

Some influencers will use exaggerated language, which can convince you that their advice is worth taking. For example, they might make blanket statements such as “always invest” or “never release equity”. They might promise results, even though they can’t possibly guarantee what will happen in future.

Ultimately, someone posting financial advice online won’t understand your goals, preferences, and financial circumstances. So, before acting, it’s always worth asking yourself: “Will this work for me?”

Rather than looking for quick wins, it’s often wise to focus on your long-term goals. This requires a tailored approach, with a solid understanding of your personal circumstances and vision for the future.

The resources on the Zurich app, including retirement calculators and educational materials, can help you build a clear picture of your current situation and how your pension savings could grow over time.

Using this information, you can make informed decisions about how to manage your wealth and work towards your long-term goals.

Get in touch

Staying informed about your own finances instead of taking guidance from finfluencers could mean you’re better placed to manage your wealth.

You can email enquiries@rfsl.co.uk to learn more about planning your future. Alternatively, call 01534 502000 in Jersey or 01481 747940 in Guernsey to discuss how we could support you.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Rossborough Financial Services Limited is regulated by the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 and licensed by the Guernsey Financial Services Commission.