Member

A survey released earlier this year found that 14% of the public—around 7 million people—are now following financial advice from online personalities, or what people call “finfluencers”. Among adults aged 18 to 24, the figure rises to nearly one in three. What is the consequence of this? Research from Barclays last year found that over half of those who have acted on financial advice that they found online have lost money as a result. These are people in every one of our constituencies, because this is an issue that affects the entire nation. People are making life-altering decisions based on often deliberately wrong advice and, tragically, sometimes on dangerously wrong advice.