Finfluencers are driving action, but only 10% trust their advice

Finfluencers are shaping how consumers discover financial products and services, but few actually trust their recommendations, research has shown.

Dentsu's latest Consumer Navigator Report, based on a survey of 2,000 UK adults, found that 68% of those who encountered finfluencer content took some form of action, including clicking through to a product or seeking further information. However, only 10% said they trusted finfluencers enough to act on their advice.

Nearly half (49%) had encountered finfluencer content on TikTok in the past year.

The findings suggest that despite growing concerns about misleading financial advice from influencers, consumers remain more sceptical of finfluencer content than its popularity might suggest.

That may offer some reassurance to regulators, who have been stepping up efforts to tackle potentially harmful financial promotions on social media.

In the UK, seven influencers were sentenced in February after pleading guilty to issuing unauthorised financial promotions linked to a foreign exchange trading scheme marketed to their combined 4.5 million Instagram followers.

Meanwhile, in the US, prediction market platforms Polymarket and Kalshi have faced scrutiny over their use of creators to promote their services, including concerns about undisclosed partnerships and potentially misleading advertising.

India has also moved towards tighter oversight. In June, the Securities and Exchange Board of India (SEBI) proposed bringing influencers with more than 500,000 followers under celebrity endorsement rules, which would prevent them from promoting specific financial products or services.

The report also examined the growing role of AI in financial services, finding that 45% of consumers use tools such as ChatGPT, Gemini or Claude at least once a month for financial information or guidance.

When presented with similar offers through AI, 28% said familiarity with a provider or its reputation for trustworthiness would have the greatest influence on their decision.

Ben Gott, president of data and technology at Dentsu, said the findings presented a challenge for financial brands seeking to turn consumer interest into business.

“In most cases, people still want to verify what they see before they act. Financial brands need to ensure they are represented accurately and consistently across different channels, while continuing to build the credibility that will turn awareness into action,” he said.