Recent research commissioned by TransUnion suggests this influence is already widespread. Fourteen percent of UK adults, nearly 7.7 million people, say they have followed financial advice from a social media personality. Of those who did, one in four (25%) admit they didn’t check whether the influencer had any formal financial qualifications before acting on the advice. The trend is even more pronounced among younger consumers. Nearly three in ten (29%) Gen Z consumers aged 18-24 say they follow financial advice from influencers, though a third (32%) of those say they didn’t verify the influencer’s credentials beforehand.

While influencer-led financial education can improve awareness, it can open the consumer to significant and financially damaging risks. Fifteen percent of young adults following financial influencer advice reported negative consequences, including direct financial losses, damage to credit score or falling victim to scams.

The growing volume of ill-advised ‘money hacks’ and the promotion of risky products such as CFDs and crypto, whether badly informed or deliberately misleading, can have serious consequences for consumers who may not know better. A recent example saw more than a thousand bank customers facing serious legal and criminal consequences after following social‑media ‘free money’ tips that were ultimately encouraging cheque fraud.

For firms operating in the consumer credit market, this trend brings to light several challenges. Consumers acting on simplified or viral financial “tips” may approach credit decisions with unrealistic expectations or misunderstandings about how credit works. Misleading online advice can encourage behaviours that resemble first-party fraud or misuse of financial products, creating both compliance and operational risks for lenders.

Yet the popularity of financial content online highlights a clear demand for accessible financial education. The industry therefore has an opportunity to play a constructive role in engaging with trusted voices, improving public understanding, and helping consumers distinguish between sensible guidance and advice that is reckless, misleading or outright fraudulent.

Ultimately, the industry should not ignore the reach and engagement finfluencers have built. It should look to harness the benefits while putting proper controls around the risks. Helping consumers understand their own financial data is one practical place to start. Access to credit reports and greater transparency around credit information can help people see the bigger picture, understand how poor decisions can affect their financial future, and make more informed borrowing choices.