For younger people, digital literacy comes as second nature.

Stumbling out of doorways while scrolling social media, ordering food, checking in to places - it's all done on a phone, and increasingly the same is true for financial advice.

On social media platforms such as TikTok and Instagram, financial advice influencers - or 'finfluencers' - offer enough tips and tricks to keep most people scrolling forever.

However, with so much content, and so many finfluencers, how do we know what's reliable?

Well, we don't - and that's partly the problem.

While finfluencers can share truthful tips on what has worked for them, sometimes they might not always disclose the risks.

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Finfluencers often emphasise unrealistic financial goals and lifestyles (Image - Garrhet Sampson / Unsplash)

"The issue with finfluencers is that they're often unregulated and unqualified," said Eden Campbell, a Diploma Qualified Financial Planner at Beech Tree Financial Advice Ltd in Stockport. 

"They might have good intentions, but without proper training or oversight, they could easily spread misleading or overly simplified advice that doesn't suit everyone's situation.

And in many cases, these tips are not so much realistic bits of advice as they are boastful pastiches of 'hustle culture', cryptocurrency, entrepreneurship, and more.

Further still, as one joint University of Newcastle and Birmingham study reveals, the line between genuine financial advice and promotion is often blurry.

"Creators may prioritize engagement over transparency", the study said, even hiding disclaimers in some cases.

The same study also found that shorter content was far more popular, meaning that users on social media might not be getting a comprehensive overview of a given topic.

The team at Beech Tree Financial Advice Ltd, based in Heaton Chapel (Images supplied)

Fortunately, the Financial Conduct Authority (FCA) has been taking down some posts and accounts run by unreliable finfluencers.

FCA joint executive director Steve Smart said: "Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so - or face the consequences."

He added: "Finfluencers need to check the products they promote to ensure they are not breaking the law and putting their followers' livelihoods and life savings at risk."

Even so, there's still a risk in taking financial advice from online.

"There's no substitute for tailored advice," added Eden. "We take the time to understand a person's full financial picture — their goals, obligations, and appetite for risk. That's simply not something you can get from a 30-second video."

"In-person advice from a regulated planner ensures you're not only getting information that's legally compliant, but also personally relevant. It's not just about making money — it's about making the right decisions for your future."

Find out how you can get quality financial advice at Beech Tree Financial Advice Ltd by clicking here.

Approver Quilter Financial Services Ltd 30/07/2025