Stick or twist: what the rise of 'AdviceTok' means for advisers
When people talk about social media, finfluencers, or even the rise of 'AdviceTok', people often roll their eyes at what Gen Z has become. But if this were ever fair, it’s now undoubtedly outdated. We are seeing behaviours change at speed, with media consumption trends bleeding across demographics.
As with many social shifts, the younger generations have been the pioneers. But older cohorts are following in their footsteps in growing volume, attracted by the ease, the shareability, and tailored nature of the content fed to them.
These social platforms are adding a new dimension to wealth and conversations about money. While advisers can probably avoid needing to learn the latest dance craze, there is compelling evidence that those advisers that successfully establish a strong social presence will reap the rewards.
The (ever present) advice gap
That there is a notable advice gap among UK adults is not new. According to the FCA’s 2024 Financial Lives survey, 8.6% (4.6m) of adults had received regulated financial advice in the previous 12 months. It also revealed that 29% (15.8m) of UK adults had not received regulated financial advice in the previous 12 months but may have had a need for support – a number that rose from 25% in 20171.
While awareness of automated online investment and pension services increased to 25% in 2024, its use remained low – at 1.5% of UK adults. Notably, even among those who received information or guidance for investments, saving into a pension, or retirement planning in the 12 months to May 2024, only around a third said that it met their needs fully.1
The blame for this should not necessarily be placed at the feet of advisers. When asked, the ‘non-advised’ cohort are likely to say that they think that they can make decisions on their own (60%)1. However, the industry does have a responsibility to help ensure that people take the route most likely to deliver them the best outcome.
The rise of the finfluencer
That people are turning to the digital world for a financial steer should not be a surprise. And data from our 2025 Scottish Widows Retirement Report provided some valuable insight into people’s social media habits when it comes to their finances and the impact of the financial influencer… or ‘finfluencer.’
We did find that this trend is driven by the younger generations, with 14% of those aged 18-21 saying that they get help/ tips for managing their finances from content creators on social media.2
And while this percentage tails off pretty rapidly as we look up the age scale, the same can’t be said for more established institutions - on average, 14% of UK adults take stock of the guidance/ advice shared by banks and other financial institutions on their social media channels. Notably the figure is fairly consistent across the age ranges, with even 14% of those 65+2.
Our findings also show that a quarter (25%) of those aged 18-29 often make financial decisions based on what they see on social media, and 15% of those under 50. But the format is also incredibly impactful when when it comes to prompting financial engagement, with 24% of UK adults saying that they are more likely to keep a closer eye on their finances because of what they see on social media - and while the numbers for those over 50 are 14% on average, we see high figures not just among Gen Z, but Millennials too (31% aged 30-39)2.
Crucially, the trend for financial focussed content is growing. On average 30% of UK adults say the amount of social media content they see about finances has increased over the past year - 39% for those under 50 and 21% for those over 502.
What also shone through was that social media channels and online finfluencers can offer a valuable opportunity to engage with audiences that might be harder to reach via traditional means. BME adults, for example, are much more ready to engage on social channels about their finances compared to the UK average2.
They are more than twice as likely to get financial advice and guidance on managing their finances via content creators/ influencers on social media compared to the UK average (10% vs 4%), much more likely to make decisions about their fiances based on social media (27% vs a UK average of 9%), and significantly more inclined to keep a closer eye on their finances because of what they see on social media (49% vs 24% UK average)2.
All that glitters is not gold
There are, however, some very valid concerns about the lack of regulations around social media advice. While for many on the front-line of this world, the public nature of their content should act as a significant disincentive for misleading their followers, the wrong advice can have a significant cost to those on the receiving end of it, even if it's by accident.
There is hope that the resulting recommendations of the FCA’s Advice Guidance Boundary Review will reflect the growing concern that most consumers in the UK are not getting the financial help they need by allowing firms to offer suggestions to groups of customers with common characteristics.
This could well be the catalyst for the ‘professionalisation’ of social media advice.
Modern money
Only the most bullish (and wrong) social media zealot would argue that social media and ‘finfluencers’ will consign advisers to the scrap heap. But there is undoubtedly valuable insight to be actioned and multiple opportunities for advisers to add value to their proposition.
Firstly, there’s a huge opportunity for ‘soft intervention’. Advisers can deliver huge value by getting in front of an online audience to demystify advice and highlight the events and life stages where people would benefit from talking with an adviser.
Despite the rise of digital engagement and interactions, people and personalities matter. A social media presence can be a real boon for advisers looking to build a real connection with current and future clients. Being ‘findable’ on social media is a valuable pathway for new clients, with a growing number of people using social media apps such as TikTok as a primary search function
Finally, it is evident that seeing financial content often prompts people to think about and check on their financial health. The more that people see other people talk about money, the better off we’ll all be.
For any advisers looking to their future and trying to ensure a reliable pipeline of future clients, the social media sphere should be part of that solution. Because if they’re not there, their competitors will be. Whatever guise they take.
Sources:
1FCA Financial Lives 2024 survey: Financial advice & support, May 2025 (PDF, 653KB)
22025 Scottish Widows Retirement Report (PDF, 3MB)