Nearly two million rely on unvetted influencers for financial advice

The headline refers to new TransUnion research showing that about 1.9 million UK consumers have acted on financial advice from social‑media influencers without checking whether those influencers had any qualifications.​

What the survey actually found

• Around 14% of UK consumers – roughly 7.7 million people – say they have taken financial advice from a social media personality or online influencer.​

• Of those 7.7 million, about a quarter (25%) – close to 1.9 million people – did not check if the influencer had any formal financial credentials before following that advice, which is where the “nearly two million rely on unvetted influencers” line comes from.​

Generational angle

• Among Gen Z consumers aged 18–24, the share using financial influencers rises to 29%, equating to roughly 1.4 million young people in the UK.​

• Almost a third of these young users admit they did not verify qualifications, reinforcing that younger cohorts are disproportionately dependent on unvetted social‑media finance content.

Why this matters for risk and regulation

• UK regulators such as the FCA have warned that unauthorised financial promotions on social media can be illegal and have recently taken enforcement action against influencers pushing trading schemes.

• Other research (e.g., CFP Board, TSB, Capital One) suggests many users who act on social‑media financial tips end up losing money or regretting decisions, underscoring the consumer‑harm potential when nearly two million people follow advice from influencers whose expertise they have not checked.