More people are using social media and AI to get financial information.
Research from Queen Mary University of London found two fifths of 4,500 adults surveyed across the UK saying they’d used social media as a source of financial guidance, while polling by investments provider OneFamily suggests 2.6 million young adults (under 30) have used AI tools to help make decisions about their finances.
At the same time, the traditional financial advice industry is showing signs of declining – sparking concern that people will fill the gap by turning to unregulated sources of information to make big choices surrounding their money.
Shorts
Financial advisers – who recommend to people tailored strategies for investing, retirement, pensions, and tax planning – have to register with the UK’s financial watchdog, the Financial Conduct Authority, which means the industry is heavily regulated, with recourse if things go wrong.
