Nearly 60% regret following financial advice on social media

A TSB survey published in August 2026 found that almost 60% of people regret following financial advice on social media. The bank reported that users who acted on online financial content lost an average of £700, and victims of investment fraud via social platforms lost about £3,000.

The survey found 56% of people who followed financial advice on social media ended up losing money. The research identified 25- to 34-year-olds as the group most likely to use unregulated online advice and artificial intelligence for financial guidance. Half of that age group used social media or AI for financial advice in the past year; 27% used it for savings tips and 18% for investment ideas.

Respondents described emotional and behavioural effects from online financial content. About 49% said posts about money made them feel pressured to improve their finances, and one third reported they had considered changing financial goals or career plans because of material seen online.

Carys Barnes, head of current accounts and savings at TSB, urged people to check online guidance against trusted sources and called for improved financial education for young people. “Before acting on financial advice online, always take the time to verify the information using trusted sources,” she said.

UK regulators have increased enforcement targeting unregulated individuals giving financial advice on social platforms. Freedom of information figures show 74 enforcement actions in 2025, up from 27 in 2024 and 11 in the four years before that combined. The 2025 actions included 50 warning alerts, three criminal prosecutions and three arrests; enforcement measures have also included cease-and-desist letters and interviews under caution. In 2024 there were no warning alerts or arrests, but nine cases involved criminal action.

The Royal United Services Institute reported that authorised payment fraud, often enabled through social platforms, generated estimated global losses of about £329 billion in 2025. The think tank also noted a 54% rise in fraud-related Interpol notices and alerts since 2024 and said scam operations increasingly intersect with organised crime, spanning corruption, human trafficking and cyber crime.

The TSB survey provides figures on individual losses and on how online advice and scams are affecting users and prompting increased regulatory and security responses.