Overview

• TSB found 31% of social media users acted on financial advice seen online, and 55% of those investors lost an average £3,706 each
• Nine in ten respondents reported seeing investment opportunities on social media and 43% said they would consider acting on such pitches
• The Financial Conduct Authority’s June operation removed 650 unauthorised finfluencer posts and led to three arrests in the UK
• Survey results show 16-to-24-year-olds are most likely to feel worse about their finances after viewing wealth-related posts, with 67% reporting negative effects
• Regulators and consumer groups advise checking the FCA’s Warning List before investing and watching for red flags like get-rich-quick claims and lavish lifestyle displays