- One in Five Young Adults Get Financial Advice from Social Media as 'Finfluencer' Phenomenon Grows
- Women Twice as Likely as Men to Turn to Social Media for Financial Guidance
- One in Five Say They Do Not Seek Financial Advice at All
Online search has become a dominant source of financial information in Ireland, used by 35% of adults, while just one in four (23%) say they use a financial adviser.
According to a survey of 1,000 adults nationwide from financial intermediaries, Ask Acorn and conducted by IReach (See Appendix), 28% get their advice from family and friends, while one in five people (19%) do not seek any financial advice at all.
The Ask Acorn research highlights a growing reliance on social media for financial information among younger cohorts, with more than one in five (21%) 18 to 24-year-olds saying they use media for financial advice, compared with just 4% of those aged 45 to 54.
Women are twice as likely as men to use social media for financial guidance (10% vs 5%) and less likely to want advice on investing (24% vs 33%).
Ask Acorn says the social media trend may reflect the rise of so-called "finfluencers" - content creators who share financial tips and advice with large, highly engaged audiences across platforms such as TikTok and Instagram. The experts say that while some of this content can be genuinely useful, much of it is unregulated, unqualified, and potentially misleading. Ask Acorn says the findings raise important questions about where younger people, in particular, are turning when making significant financial decisions.
When asked in which areas people would like targeted financial advice saving and budgeting topped the list (as chosen by 36% of respondents), followed by retirement and pensions (32%) and investing (29%).
Keith Butler, CEO of Ask Acorn, commented on the findings,
“We are concerned about the extent to which some people are relying on sources that were never designed to replace professional financial advice. Online search, family and friends, social media, podcasts - these all have a role to play in building general awareness, but they can only ever offer a broad overview. What works for one person may be entirely unsuitable for another, and no algorithm or social media post can take individual circumstances, life stage, or financial goals into account.
Nowhere is this more concerning than in the rise of the finfluencer. Social media has given a platform to a new generation of financial content creators who can reach hundreds of thousands of followers with commentary on everything from budgeting to investing. While some creators share useful educational content, others operate outside any regulatory framework, hold no professional qualifications, and have no obligation to act in their followers' best interests.
When one in five young adults is getting financial guidance from social media, it's a reminder that where people get their advice matters just as much as the advice itself”.
The findings also show that the type of advice people are looking for varies considerably depending on their stage of life.
Additional highlights from the Ask Acorn survey include:
- Online search is particularly popular among younger adults, with 59% of 25 to 34-year-olds using it for financial information, compared with 19% of those aged over 55.
- Those aged 45 to 54 are the most likely age group to seek advice from a financial adviser (31%).
- Women are more likely than men to seek financial guidance from family and friends (32% versus 24%).
- Podcasts are also proving popular among younger adults, with 15% of 18 to 24-year-olds using them as a source of financial information.
- Almost one-third (31%) of adults aged over 55 say they do not seek financial advice or information at all, compared with just 10% of those aged 25 to 34.
- More than twice as many C2DE respondents say they do not seek financial advice compared with ABC1 respondents (28% vs 13%).
- Age is a key factor in shaping financial advice needs, with almost half of 45-to 54-year-olds (47%) citing retirement and pensions as a topic of interest compared to 17% of those aged 25-34. Whereas, buying a home or managing a mortgage is a key area for those aged 18-24 (38%) compared with just 3% of over 55s.
- A large proportion of over-55s (44%) say they do not currently need financial advice, compared with just 4% of 18-to 24-year-olds.
Mr. Butler added,
“What this research really highlights is that the financial decisions people face naturally change throughout their lives. For younger adults, the focus is often on getting onto the property ladder, managing a mortgage or starting to build longer-term financial security. For those later in their working lives, the priority shifts towards retirement planning and making sure those long-term goals remain on track.
It's also interesting to see the difference in attitudes towards investing, with men more likely than women to identify it as an area where they would like advice. That gap is worth paying attention to, particularly as the Government develops plans for its new Investment Account aimed at encouraging more people to move money from low-yield deposits into longer-term investments. If that initiative is to reach its full potential, it will need to bring everyone, and that means making sure the right advice and guidance is accessible, not just the product itself”.
Seeking Financial Advice
The Ask Acorn research found that one in five people (19%) say they do not seek financial advice or information at all. The experts say the findings highlight the importance of recognising that financial decisions don't only arise when buying a home or approaching retirement.
Mr. Butler concluded,
“Throughout life, people face choices around saving, protecting their families, and making the most of their income, and a lack of guidance can make it difficult to know whether the right choices are being made.
Our research shows that many people begin their search for financial guidance online or by talking to friends and family, with relatively few seeking professional advice from the outset. Doing your own research is a sensible first step, but before making any significant financial decision, it's worth speaking with a financial advisor who can help put that information into context. Professional advice gives people confidence that the decisions they're making are based on their own circumstances rather than general information or someone else's experience”.
