FF News — The Fintech News Network

1 in 4 Gen Z Brits learn about their finances on social media

By Lauren Towner · 20 January 2023

1 in 4 Gen Z Brits learn about their finances on social media
With rising everyday costs and interest rates, it is now more important than ever to be savvy about your finances. But where do Brits turn to learn about their finances? The study by money.co.uk surveyed 2,000 Brits to reveal where Brits get the majority of their personal finance knowledge. Looking at trends across generations, the study found that younger people are most likely to source financial information from social media, whilst older Brits prefer to enlist a financial advisor. Where do Brits get the majority of their information about personal finance from?

Sources

Overall

18 - 24

25 - 34

35 - 44

45 - 54

55 and over

News articles

3.85%

2.55%

2.64%

3.78%

4.14%

8.87%

Social media

13.65%

25.09%

14.52%

11.53%

8.60%

7.88%

TV

7.55%

7.64%

7.33%

6.56%

8.92%

7.39%

School

1.40%

3.27%

1.32%

0.60%

0.96%

0.99%

Friends & family

23.10%

28.00%

25.37%

23.46%

19.11%

13.79%

Personal finance blogs & websites

22.35%

9.09%

23.75%

25.25%

27.71%

22.17%

Financial advisor or trusted expert

19.05%

18.55%

17.60%

19.68%

20.06%

22.66%

I don’t get information about personal finance from anywhere

7.00%

5.45%

5.72%

6.76%

7.64%

12.81%

Other

2.05%

0.36%

1.76%

2.39%

2.87%

3.45%
The most popular way that people try to gain financial literacy skills is via their friends and family (23.1%). This was very closely followed by researching personal finance blogs and websites (22.35%). Financial literacy isn’t a topic commonly taught in schools, with just 1.4% saying it was where they got the majority of their information.
There were some definite generational differences too. Younger people are far more likely to turn to social media and TV than older generations, with 17.39% of those under 18 using both. For those over 55, a financial advisor was the most common (22.66%).
Those in the top earnings bracket were also most likely to have a financial advisor or trusted expert (28.57%).
Further study insights:

  • “How to get a mortgage?” has seen the biggest increase in searches over the past 12 months, with a 353% difference.

  • 64.45% of Brits have taken out a financial product without fully understanding how it works.

  • Of those who took out finance without fully understanding how it works, 62.55% regretted it.

Companies in this story: Money.co.uk

More from News