Financial Conduct Authority's Financial Lives Survey Reveals Widespread Use of Social Media for Investment Decisions

Strategic Insights -

The Financial Conduct Authority's (FCA) Financial Lives Survey, a comprehensive study on consumer behavior in the financial market, has shed light on the increasing reliance of UK adults on social media for investment and pension decisions. The latest survey results, collected up to May 2024, indicate that 5.5% of UK adults accessed financial information from social media, a significant concern given the lack of regulation in this area. Notably, younger adults are more susceptible to this trend, with 9% of 18-24 year olds and 12% of 25-34 year olds relying on social media for investment guidance.

Key Takeaways:

  • The FCA's Financial Lives Survey reveals that 5.5% of UK adults accessed financial information from social media in the year to May 2024.
  • Younger adults are more likely to use social media for investment decisions, with 9% of 18-24 year olds and 12% of 25-34 year olds relying on social media for guidance.
  • The FCA does not collect data on the use of artificial intelligence by consumers in financial decision-making.
  • Providing financial advice is an FCA-regulated activity, and individuals or firms must be authorized by the FCA and hold relevant qualifications.
  • The FCA has taken action against firms or individuals operating without authorization, including leading a global crackdown on unlawful influencers, resulting in over 650 takedown requests on social media platforms in the UK.
  • The government is developing a new support regime, "targeted support," in collaboration with the FCA, to enable regulated financial services firms to provide support and confidence to consumers in their investment decisions.
  • The Money and Pensions Service (MaPS) provides a range of tools and guidance to help people manage their money confidently at every stage of their lives.

Statistics:

  • 5.5% of UK adults accessed financial information from social media in the year to May 2024 (FCA Financial Lives Survey).
  • 9% of 18-24 year olds accessed financial information from social media (FCA Financial Lives Survey).
  • 12% of 25-34 year olds accessed financial information from social media (FCA Financial Lives Survey).
  • Over 650 takedown requests on social media platforms in the UK were issued as a result of the FCA's global crackdown on unlawful influencers (FCA).
  • The UK government is developing a new support regime, "targeted support," in collaboration with the FCA (written answer).

Sources:

  • Lord Livermore Labour Life peer, Lords Answered on 7 July 2025, written answer on the FCA's Financial Lives Survey.
  • FCA Financial Lives Survey, collected up to May 2024.
  • FCA, global crackdown on unlawful influencers.
  • UK government, developing a new support regime, "targeted support," in collaboration with the FCA.
  • Money and Pensions Service (MaPS), providing a range of tools and guidance to help people manage their money confidently.