UK Financial Firms Urged to Step Up as Young People Turn to Influencers

Snapshot: A new report from MRM reveals that nearly 80% of young adults in the UK trust financial influencers, while 14% have taken financial action based solely on advice from these social media personalities. With 45% of 18 to 30-year-olds relying on social media for financial information, the influence of "finfluencers" is undeniable.

However, a significant gap in reliable guidance remains, as 90% of respondents say they want more support from traditional financial services providers. Chris Tuite, director at MRM, emphasized the urgency for firms to reclaim their role as trusted advisors, especially as concerns grow about unverified and harmful advice online. The FCA’s recent crackdown on rogue influencers in October 2024 was a step forward, but young people believe financial firms should take greater responsibility for providing clear and accessible financial education. Schools and colleges were also identified as critical sources of guidance. As young adults continue to seek financial advice online, the onus is on traditional providers to adapt and engage with this new audience effectively.

Key Quote: “The message delivered by young people in the UK couldn’t be clearer. They want financial services firms to step up and regain their influence.” Chris Tuite, Director, MRM.

Full story: FT Adviser - MRM Young Money Report 2025