4 in 5 Britons Use Unregulated Financial Advice as Only 24% Check Credentials
Updated
Updated · FT Adviser · Sep 1
4 in 5 Britons Use Unregulated Financial Advice as Only 24% Check Credentials
1 articles · Updated · FT Adviser · Sep 1
Summary
83% of UK credit card holders said they use unregulated sources for financial guidance, rising to 93% among 25- to 34-year-olds and 92% among 35- to 44-year-olds, Zable found in a survey of 2,001 people.
68% said they did not check the risks before acting on advice, while only 24% would verify a financial professional’s credentials and 22% would probe sponsorships, commissions or conflicts of interest.
29% said they had lost money from bad credit-card advice, including 21% who lost £100 or more in the past 12 months; another 28% reported losses tied to investment advice.
54% most often sought unregulated advice on salary and wages, followed by savings at 49%, as Zable warned that social-media finfluencers and AI tools can leave consumers exposed to misleading or incomplete guidance.