The Young Money report by reputation management consultancy MRM has revealed that 90% of 18 to 30-year-olds surveyed want more guidance on managing their finances.
Nearly two-thirds (63%) of young people in the UK expected their standard of living to rise in the next year.
Almost half (47%) of those surveyed believed financial services providers should provide sound financial guidance, ranking this as the top response alongside schools and colleges.
The significance of financial services in young people’s education surpassed their belief in personal responsibility, which was only 36%.
Additionally, 41% stated they would seek guidance from their families.
When asked where they get financial information, nearly half (45%) cited social media as the main source.
A third (33%) mentioned direct communication from financial providers, with email at 33% and in-app messages at 29%.
Traditional media, such as broadsheet newspapers (24%) and television (23%), were also noted.
A key factor in this trend is the rise of ‘finfluencers’, with six in 10 (59%) saying they follow them, increasing to 74% among young Londoners.
Only 3% reported not trusting finfluencer information, while 77% do trust it.
These figures were consistent with the 2022 Young Money Report findings, where 62% of young people reported following finfluencers and 74% trusting their advice.
Chris Tuite, director and head of consumer finance at MRM, said: “The message delivered by young people in the UK couldn’t be clearer.
“They want financial services firms to step up and regain their finfluence. They say they need real, reliable financial guidance, and they expect financial services firms to provide it.”
Tuite added: “While many social media influencers offer some helpful tips, others are spreading unverified and, in some cases, harmful financial advice.
“The Financial Conduct Authority (FCA) cracked down on rogue finfluencers in October 2024, but that is just the beginning.
“Young people need trusted sources of information to help them build stronger financial foundations and stop certain unregulated influencers filling the void with potentially dangerous and misleading advice.”
He said: “The key question financial services providers must grapple with is how to do that.
“Our data shows these firms are largely present on social channels but are not able to garner the same attention as this new breed of finfluencers.
“The FCA is clearly signalling its intention to clear up any grey areas, but the industry also has an opportunity to give young people what they want.
“They need to start creating the kind of social content that will deliver, and crucially, focus on guidance more than gamification or instant gratification.”
