TSB urges caution on financial advice from social media – how you can choose a trusted debt advice provider

If you’re scrolling through social media and come across financial advice that seems too good to be true, it just might be.

That’s the warning from TSB, following new research that shows many are paying the price for acting on financial advice from social platforms.

According to a survey of over 1,800 social media users carried out by Censuswide for TSB, more than half (55%) of those who followed financial advice they saw on social media ended up losing money.

Nearly 1 in 3 people (31%) admitted to acting on financial tips from social platforms and 90% of respondents said they’d seen investment opportunities posted online.

Impact on mental health

And it’s not just your wallet at risk, your mental well-being might take a hit too. 43% of people said they felt worse about their own finances after seeing wealth-focused content on social media.

Young adults are particularly affected, with 67% of 16–24-year-olds and 61% of 25–34-year-olds saying they feel worse after seeing posts about money, compared to just 22% of over-55s.

“Be smart about where you get your advice”

Surina Somal, TSB’s director of everyday banking, says that while there is useful financial content on social media, there are also risks, such as misleading information and unregulated investments that could seriously harm your finances.

Somal’s advice is to always double-check the facts. Before you act on anything, make sure the advice is accurate.

For financial products like savings accounts, loans or mortgages, you’re better off checking directly with a bank or a qualified broker.

She also warns about so-called ‘get rich quick’ promises. If it sounds too good to be true, it often can be. Some of these ‘opportunities’ may be outright scams.

Watch out for ‘finfluencers’

The FCA recently cracked down on rogue ‘finfluencers’, social media personalities who promote financial products without proper authorisation. In some cases, they use images of flashy lifestyles to suggest they’ve found a secret to success, even when the images are fake.

Remember, just because someone has thousands of followers doesn't mean they know what they're talking about, or that they're giving legal, safe advice.

How you can protect yourself from bad financial advice

If you’re thinking about taking financial advice from someone online, here are a few steps you can take to help stay safe:

Check if they’re FCA regulated

Use the Financial Conduct Authority (FCA) register to confirm whether the person or company is legally allowed to offer financial advice.

Do your own research

Don’t just rely on what you see on social media. Look for independent reviews or advice from reputable sources like banks, brokers or financial websites.

Be cautious with high-risk investments

If someone’s promising fast returns or guaranteed profits, especially if they're an influencer, take a step back. These can be red flags.

Look for real qualifications, not just big followings

A large social media following doesn't mean someone knows what they’re doing, or that they have your best interests in mind. Ask to see they accreditations.

How to choose a reputable debt advice/solutions provider

If you’re struggling with debt, getting the right support can make a huge difference. But with so many services out there, how do you know who to trust?

What to watch out for

High-pressure tactics

You should never feel rushed or pressured into signing up. If a company gives you deadlines or ultimatums, that’s a red flag.

Bad reviews

Always check independent reviews on sites like Trustpilot or Feefo. They can give you a good sense of how others have been treated.

Lack of transparency

A good provider will have a clear, informative website that explains your options. They shouldn’t insist on a home visit or in-person meeting unless you request it.

What makes a provider reputable?

They're authorised by the FCA

Any company offering debt advice or management must be FCA authorised, whether they charge a fee or not. This means they’re legally required to:

• meet certain standards
• offer advice that suits your financial situation
• treat you fairly

Like with finfluencers and others offering financial advice and services on social media, you can check if a company is FCA authorised on the FCA Register.

They follow the rules

FCA-authorised providers must follow strict guidance around how debt advice is delivered. This gives you peace of mind that their recommendations are in your best interest.

Questions to ask before you commit

Before signing any agreement, ask:

• Is the company FCA authorised?
• Do they charge any fees? If so, what are they?
• What happens if I can’t keep up with the plan?
• Will I be able to speak to someone if I have questions later?

Remember, you deserve honest, supportive and expert help, and it’s out there.