'Finfluencers': Do they help or hinder?

There has been a rise in the number of 'finfluencers' on social media | Anastasiya - stock.adobe.com

The impact of social media on personal finance is frequently met with harsh criticism, with the rise of ‘finfluencers’ rarely receiving positive headlines.

In recent years, financial scams and widespread misinformation from online personalities with limited qualifications have made it harder for people to find reliable financial guidance online.

But is there a bright spot in the storm? Has social media encouraged a generation to engage with money, investing, and pensions? Or are they becoming involved because the FOMO (fear of missing out) or financial pressure?

This appetite for financial content sits alongside trends where nostalgia and the demand of quick gains can blur the line between fact and fiction.

Within a profession steeped in tradition and outdated stereotypes these trends are to be encouraged to engage future generations of retirees, given that around 58% of 18–24-year-olds follow TikTok or Instagram creators who discuss money, budgeting, and investing.

However, the ‘finfluencing’ phenomenon has attracted a lot of scrutiny from the Financial Conduct Authority (FCA) in recent times. With a significant increase in influencer monitoring, cautions, fines and arrests for promoting financial products and services unlawfully.

The FCA states that young people are increasingly falling victim to finfluencer’s scams. According to the watchdog, 9 in 10 young social media followers (between the ages of 18 and 29) have been encouraged to change their financial behaviour due to online influencers.

An argument for the increase in popularity in these channels for information can be impacted by the structural changes to the pension landscape. The shift away from Defined Benefit (DB) pensions being offered to employees in the private sector is in decline, with Defined Contribution (DC) schemes and the flexibility that comes with them fundamentally changing how people approach the management of their pensions, and ultimately their retirement.

As a result, today’s employees can take a more hands-on approach in managing their investments and shaping their retirement income.

With more education many are discovering the flexibility, and responsibility, that comes with their workplace pension. From choosing investment strategies to planning how and when to draw income, individuals are realising just how much control they can exercise over their financial futures.

Ryan Holmes | Ross Johnston/Newsline media

Recent research from Pension UK, shows that 21% of 18-34 years olds have actively changed the investments within their pensions, compared with just 12% of those aged 35-54 (Pensions UK, 2026) This raises an interesting question: is this shift simply a response to the evolving pension landscape, where DC schemes demand more manual involvement than the DB pension strategy of leaving retirement planning until “another day”?

Or is this the product of the rise of social media, and how easier access to financial information could be responsible for a generation that is more curious and engaged with the premise of taking control of their retirement.

In fact, those of who are not seeking financial advice, are still engaging with it whilst scrolling. In a study by TSB bank in July 2025, they found that over 83% of respondents have seen financial advice content on social media that they weren’t searching for. This could also be a result of the 42% of 18–40-year-olds who now use social media as their primary research tool (TSB, 2025) .

In my time trawling through the plethora of ‘finfluencer’ content online, I often found that amongst the noise, you can find sound financial information. However, this does not mean it is pertinent to the general population; a 60 second clip, is often insufficient to give you the context required for an informed decision. But it can encourage an interest in delving deeper and learning more.

Nevertheless, the importance of cross referencing and fact checking cannot be understated.

The rise in younger people becoming more involved with their pension investments appears to be a natural response to both shifts and can promote a healthier understanding of personal finance and investment.

While the evolution for the delivery and engagement of financial advice is welcome, it is no substitute for regulated advice, from an experience and qualified Financial Adviser.

Ryan Holmes is a Financial Planner at AC Wealth and is based in Edinburgh.