Warning as Britons turning to TikTok for financial advice | Personal Finance | Finance

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A warning has been issued that many young people are at risk of falling for financial misinformation and scams as a result. A huge one in ten people under the age of 25 use social media sites to get financial advice from so-called influencers. In comparison, only three percent of people in the same age bracket have used paid financial advice to keep them in the green.

Research from OpenMoney, the financial advice service, found that a growing number of young people are opting for financial advice from people posing as experts on platforms such as Twitter and Facebook.

The money advice site’s YouGov poll of 2,000 British adults revealed that the most popular source of financial advice across each age group was personal research on product provider websites.

Experts are warning this could pose a risk as those professing to be finance experts online may not be experts and social media sites remain a regulatory grey area in terms of the…

Read full article at www.express.co.uk