Brits are increasingly turning to digital sources for financial guidance, with new research from savings app Spring revealing that almost half of consumers trust advice from social media platforms and AI tools.
The survey of 2,000 adults found 15% of people now turn to social media influencers for financial advice or support, with YouTube (28%) leading the way, followed by Facebook (25%), TikTok (21%) and Instagram (21%).
The influence of AI is equally significant. Two fifths (40%) of respondents have used AI tools such as ChatGPT for financial planning or advice, and a further 24% say they would consider doing so. Overall, almost half (49%) of those surveyed say they are likely to trust financial advice from either social media or AI tools.
Those seeking advice from social media and AI (30%) are now on par with those consulting family and friends (31%) and personal finance websites, like Money Saving Expert (31%).
Digital usage is, however, more widespread in younger age groups, with 68% of Millennials and 65% of Gen Z stating they have used AI tools to support financial planning, falling to a quarter of Generation X (25%) and only 9% of the baby boomer generation. Equally, a third of Gen Z (32%) used social media influencers or content creators for financial support, compared to 2% of those aged between 61 and 79.
Additionally, men are more likely to use AI tools for financial guidance (47%) than women (33%).
Derek Sprawling, head of money at Spring, commented: “The landscape of financial advice is evolving quickly, with nearly half of people now trusting guidance from social media or AI tools. That is expected to grow as AI usage becomes more widespread. But with this shift comes a need for caution. Scam awareness is crucial; therefore, I urge people to do their own research when it comes to making financial decisions, to ensure they can spot misleading or fraudulent advice before it causes harm.”
