More than seven million people in the UK have taken financial advice from a social media personality or online influencer, with a significant minority failing to check whether that advice was coming from a qualified source, according to new research commissioned by TransUnion.

The survey found that 14% of consumers – equivalent to around 7.7 million people – have acted on financial guidance shared online by influencers.

Of those, 25%, or roughly 1.9 million people, admitted they did not check whether the individual had any formal financial qualifications or credentials before following the advice.

The trend is particularly pronounced among younger adults. Among Gen Z consumers aged 18 to 24, 29% – around 1.4 million people – said they had used financial influencers for guidance.

Almost a third, 32%, of those in this age group said they had not checked the influencer’s qualifications before acting.

CLEAR RISKS

While some respondents reported benefits, the findings point to clear risks for lenders and credit providers monitoring borrower behaviour. Among 18 to 24 year olds who followed influencer advice, 39% said they gained useful financial knowledge and 31% said it helped them choose a suitable credit or financial product.

However, 15% said that acting on such advice negatively affected their credit score, led to financial losses or resulted in them being scammed.

Fraud remains a particular concern. According to TransUnion’s 2025 Global Fraud Trends Report, scams and synthetic identity fraud each account for 23% of consumer losses, making them leading drivers of harm.

The research also suggests that financial education within families may be lagging behind the pace of online content consumption. Just 24% of consumers said they encourage their children to fact-check influencers’ financial claims.

Madhu Kejriwal, chief executive officer of TransUnion UK and Europe, said: “Social media can be a powerful source of information and it’s great to see younger generations engaging with easily accessible financial content and the positive impact this can have on their financial awareness.

“However, it is important to remember that popularity does not always equate to financial expertise. Consumers may be acting on advice that may be well-intentioned but unqualified and without fully understanding how certain decisions can affect their financial standing.

“People should work on building a healthy credit report and checking it regularly to build a good understanding of how their financial choices could impact their credit report and score.

“Our advice: Enjoy the content but always verify it with trusted sources. Evidence-based guidance, grounded in a clear view of someone’s credit data, is far more reliable than just anecdotal tips shared online.”

MISINFORMATION

James O’Donnell, TransUnion’s director of research and consulting, also highlighted the potential consequences of misinformation.

He said: “I have great respect for the level of awareness and education the financial influencer community brings to the general population, but we should all be reminded that bad advice can have catastrophic impacts for consumers who don’t know better.

“A striking recent example saw more than a thousand bank customers facing legal consequences after following social-media ‘free money’ tips that were in reality encouraging cheque fraud.

“UK authorities are also battling similar risks, with a number of influencers scheduled to face court in 2027 on illegal financial promotions related to direct consumer losses.”

CALL FOR GREATER VERIFICATION

TransUnion is urging younger consumers in particular to verify influencer advice before acting, cross-checking claims against trusted sources such as the Financial Conduct Authority or a qualified financial adviser.

It also recommends that consumers understand their own financial data before taking action. This includes signing up to at least one credit reference agency platform and regularly reviewing their credit file. Consumers can access a free statutory TransUnion credit report via the company’s website, or through platforms including Credit Karma, MoneySuperMarket Credit Monitor, TotallyMoney and a range of banking apps.

The credit reference agency further cautions against chasing viral financial “hacks”, advising that long-term habits such as paying bills on time, budgeting effectively and monitoring credit scores are more likely to support sustainable financial wellbeing.

Kejriwal added: “Building and protecting good credit doesn’t rely on shortcuts or viral trends.

“It’s about consistent behaviours, such as paying bills on time, managing credit balances and understanding how financial decisions show up on your credit report.

“As we continue into 2026, consumers who base their plans on trusted data and credible guidance will be better placed to improve their financial wellbeing.”