TSB has found that almost six in ten (59%) people who followed financial advice they encountered on social media went on to regret doing so, according to new research from the bank surveying nearly 2,000 UK adults on their attitudes to online financial guidance.
The study found that a third (32%) of respondents had acted on financial advice seen on social media platforms within the past year. Of that group, more than half (56%) ended up losing money as a result, a small rise on the previous year’s figure of 55%, with those affected losing an average of almost £700.
The research also looked at the growing role of artificial intelligence in personal finance, finding that one in four (25%) respondents had turned to AI tools for financial advice, a figure that climbs to 43% among 25 to 34 year olds. Despite this uptake, over half (51%) of those surveyed admitted they lacked confidence in their ability to tell whether financial content had been generated by AI, pointing to a widening gap between how people consume financial information and their ability to judge its reliability.
Younger adults emerged as the group most likely to act on financial tips shared on social media, with the TSB survey showing that 49% of 25 to 34 year olds had done so in the last 12 months, primarily around savings (27%) and investments (18%). This compares with 22% of those aged 45 to 54 and just 18% of over-55s who said the same.
Trust in this content remains high despite the risks: 56% of respondents who had seen financial advice on social media said they trusted it, rising to 72% among 25 to 34 year olds. However, almost half (46%) said they would not know how to verify the credentials of someone offering investment advice online, a disconnect between confidence in the content and the ability to scrutinise its source.
TSB’s findings also point to the more serious end of the risk spectrum, noting that in the worst cases, social media exposure can lead directly to investment fraud, with victims losing an average of £3,000 per case.
Beyond financial decisions, the bank’s research suggests social media is also shaping people’s broader outlook on money and career choices. Almost half (49%) of respondents said financial content online had left them feeling pressured to improve their finances, while a third (33%) said they had considered changing their financial goals or career aspirations as a result of what they had seen on these platforms.
TSB Head of Current Accounts and Savings Carys Barnes 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.”
Copyright © 2026 FinTech Global
