TSB found that 42% of 16–24-year-olds reported having used social media to access financial advice in the past 12 months, followed by 37% of 25-34-year-olds – and this declines to 11% for over 55s. Of those that had seen financial advice on social media platforms, 53% trusted the content – with 25-34-year-olds the most trusting (70%), followed by 62% of 16-24s, and 27% of over 55s. In addition, 83% have seen financial advice content on social media that they weren’t searching for. 51% said they had either acted on advice or planned to do so – with 25-34s the most likely to act or have acted (73%), compared to 27% of over 55s. Alarmingly, 55% of those who acted on advice said they had lost money as a result. TSB found that 90% had seen an investment opportunity on social media, and 43% would consider investing as a result. 25-34-year olds were the most likely to invest (69%), followed by 16-24s (68%) – and just 18% of over 55s. However, 42% said they did not know how to check the credibility or credentials of online content and offers. TSB’s internal customer data shows that 67% of push payment investment fraud cases stem from social media platforms, which account for 71% of all investment fraud losses – at an average loss of £3,706 per case. 36% of these social media cases started on Facebook, followed by TikTok (17%), Telegram (17%), Instagram (14%) and WhatsApp (14%). However, Facebook and WhatsApp accounted for by far the biggest losses at 36%, and 35% respectively. Polling also revealed that 43% felt worse about their finances after seeing posts about wealth on social media. 16-24-year-olds felt the worst (67%), followed by 25-34s (61%) – and this reduced to 22% of over 55s. 53% of 25-34-year-olds felt compelled to take out a product, or invest as a result; followed by 49% of 16-24s. Just 13% of over 55s felt the need to change behaviours and act.