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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% |
-
“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.
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