Almost 6 in 10 people who acted on social media financial advice regretted it, TSB finds

• TSB surveys almost 2,000 UK adults to highlight consumer trends on financial advice and social media
• Of the people (32%) who have acted on financial advice on social media platforms, over half (56%) lost money as a result, with an average loss of almost £700
• One in four (24%) of those surveyed have used AI for financial advice, yet more than half (51%¹) are not confident they can identify AI-generated financial content
• In the worst cases, social media content leads to investment fraud with over £3,000 lost on average per case
• 25–34 year olds are most likely to act on financial advice on social media, and to use AI for advice

New research from TSB reveals that almost 6 in 10 (59%) respondents who acted on financial advice on social media have regretted it.

A survey of almost 2,000 adults found that a third (32%) of respondents have acted on financial advice on social media platforms in the past 12 months. Of this figure, over half (56%) lost money as a result – a marginal increase on last year (55%) as consumers continue to lose money – with an average loss of almost £700*.

TSB also found that one in four (25%) have used artificial intelligence (AI) for financial advice, rising to 43 percent of 25–34-year-olds. However, more than half of survey respondents (51%) say they are not confident² they can identify AI-generated financial content, highlighting the growing challenge of distinguishing trustworthy financial guidance from misleading or inaccurate information online.

The 25-34 year old age group was the most likely to have acted on social media financial advice, with almost half (49%) having done so in the past 12 months: with savings (27%) and investment (18%) the most common types of advice acted on by this age group. In contrast, 22 percent of 45-54 year olds, and 18 percent of over 55s had acted on social media advice.

Of those that had seen financial advice on social media platforms, over half of respondents (56%³) said they trusted the content, rising to almost three quarters (72%) of 25–34-year-olds. However, almost half (46%) said they don’t know how to check the credentials of someone giving investment advice online, suggesting a disconnect between trust in online financial advice and understanding how to verify the credentials of those providing it.

In the worst-case scenario, this can lead to significant losses through investment fraud, where people lose £3,000 on average per case**.

Social media’s impact on career and aspiration

Social media's influence extends beyond day-to-day money management. Almost half of survey respondents (49%) say financial content has made them feel pressured to improve their finances, while a third (33%⁴) have considered changing their financial goals or career aspirations because of content they have seen online.

The findings come as social media platforms and AI-powered tools continue to transform how consumers discover financial information, making it increasingly important for people to verify advice before making decisions that could affect their financial wellbeing.

Carys Barnes, Head of Current Accounts and Savings, TSB said:

"Social media and AI are changing the way people access financial information, making advice more accessible than ever. But not everything shared online is accurate, impartial or designed with your best interests in mind.

“Before acting on financial advice online, always take the time to verify the information using trusted sources – and it further demonstrates the importance of young people having access to financial education.”

Notes to editors

The research was conducted by Censuswide, among a sample of 3457 consumers that use social media. The data was collected between 20.06.2025 - 15.07.2026. Censuswide is a member of the Market Research Society (MRS) and the British Polling Council (BPC), and a signatory of the Global Data Quality Pledge. We adhere to the MRS Code of Conduct and ESOMAR principles.

1. "Not very confident” and “Not confident at all” answers combined.
2. “Not very confident” and “Not confident at all” answers combined.
3. “Fully trust” and “Somewhat trust” answers combined.
4. “Strongly agree” and “Agree” answers combined.

* Actual average loss of £690.46

** Average loss to investment fraud as per recent UK Finance Fraud Data for FY 2025