A large-scale UK investigation has concluded that financial advice from social media influencers is typically "low quality," even though nearly 40% of Britons turn to platforms like Instagram, TikTok and YouTube for guidance. The research examined nearly 2,500 finfluencers and surveyed 4,200 adults, finding that almost 90% of posts contained more negative than positive quality features.

The findings emerge as the UK's Financial Conduct Authority pursues criminal proceedings against two finfluencers for illegal promotions, issuing dozens of warning alerts and requesting 120 account takedowns. This forms part of a coordinated international effort involving 17 regulators targeting misleading financial content online.

Despite the poor quality assessment, 70% of users who followed social media financial guidance reported positive outcomes, particularly for budgeting and saving advice. However, stock and cryptocurrency recommendations led to worse results. Reddit ranked highest for quality guidance, while Tumblr performed worst.

The study raises questions about social media platforms' responsibilities as de facto financial information gateways for younger users. Researchers advocate for mandatory disclosure requirements, post disclaimers, and links to official sources, arguing that platform providers must help establish basic quality standards.