As more young people rely on social media for financial advice, financial service firms must take the lead by sharing their own expertise, rather than leaving the field open to “finfluencers,” according to MRM.
The 2025 Young Money report revealed that 45% of respondents used social media to get information on financial products.
For those who used social media for information, Instagram was the most common choice of social media platform (58%), closely followed by TikTok (56%).
In comparison, only 33% and 29% of respondents used direct communication from their financial service provider by email or in-app messages, respectively.
As a result of these preferences, the report urges establishments to take a greater level of consideration about their current online presence and evaluate how relevant their content is for each audience.
Chris Tuite, director and head of consumer finance at MRM, said that finfluencers and gamification can be positive when used to reinforce sensible financial behaviours.
“Gamification can be a force for good when used to reinforce sensible behaviours like saving. Equally what is the point of having money if it can’t facilitate a little instant gratification from time to time, especially when you’re young?” he said.
However, he warned that with the rise of “finfluencers” in this space, more consumers are susceptible to misleading messages and potentially dangerous advice.
As a result, he urged financial services firms to dominate in the spaces where young people are consuming information.
“Why are others telling more compelling stories on TikTok, Instagram and X, and why are young people happy turning to them for info?” he said.
This is particularly important, as 59% of young people reported they follow finfluencers and only 3% of respondents said they don’t trust finfluencer information while 77% do.