Nearly two million rely on unvetted influencers for financial advice

A survey commissioned by Transunion found that 14% of consumers, around 7.7 million people, have taken financial advice from a social media personality or online influencer. Out of the 7.7 million, a quarter (25%) - approximately 1.9 million people – admitted that they did not check whether the influencer had any formal financial qualifications or credentials before acting on the advice. Among Gen Z consumers (aged 18-24), the use of financial influencers rises to 29%, amounting to roughly 1.4 million young people. Almost a third (32%) of 18–24-year-olds admitted they did not check th...