Can financial influencers on social media be trusted? 

More people are choosing to rely on ‘fin-influencers’ (1) for their financial and mortgage advice, but can they be relied upon? 

“It is troubling that, instead of reaching out to trusted providers, many people are turning instead to what is often unregulated financial and investment advice from ‘fin-fluencers’ on social media.” (2)

Margaret Doyle, Chief Insights Officer, Financial Services at Deloitte

The power of social media

Whether it’s TikTok, Facebook, Instagram, or Twitter, people are increasingly turning to social media for financial advice, including mortgages, as it’s freely available and can be accessed at any time. 

However, the mortgage world is highly regulated for a reason and small mistakes made by influencers on social media could lead to serious consequences to those seeking advice in that way. 

“More than 10,000 misleading financial promotions and scams aimed at consumers via social media sites such as Instagram, Facebook, YouTube and TikTok have been identified and targeted by the financial watchdog during the past year.” (3)

The Financial Conduct Authority (FCA)

“‌If you’re using social media, and you have a choice of sensible advice from a regulated firm, complete with reams of risk warnings that make everything sound terrifying, or simple 30-second tips from a fin-fluencer who makes it sound foolproof, the temptation is to opt for the latter.” (4)

Sarah Coles, Hargreaves Lansdown

Why turning to social media for mortgage advice could be risky

  • Fin-fluencers may present themselves as experts on financial matters, which might not be the case.

  • There’s a lot of misinformation that may not be fact-checked.

  • Discussion topics could be down to their personal experience and not necessarily related to you and your individual circumstances.

  • Fin-influencers may promote products based on their own financial incentives rather than actual merit.

  • It could increase your vulnerability to scams, phishing and making risky mortgage decisions.

Why choosing Mallory Financial as your broker makes sense

Buying a house is one of the most important decisions you’ll ever have to make. With so much riding on it, it makes sense to speak to a qualified mortgage provider to help ensure you end up with mortgage solution that matches your needs and circumstances. 

  • We do everything on your behalf including chasing lenders and handling all the paperwork, saving you time and helping to take away stress.

  • Access to competitive deals from the high street and specialist lenders providing us with an improved chance of finding the right product for you.

  • We deal with the mortgage application from start to finish with speed and efficiency.

  • We work during the day, evenings and at weekends to fit in with you.

  • We offer tailored advice on protection solutions, providing peace of mind for you and your family.

  • We are scoring 4.8 and 5 stars on Trustpilot and have hundreds of happy customers who rely on us for advice.

We will be with you every step of the way

We are here to provide you with the right support and advice you need to navigate your mortgage and protection journey with confidence. 

We’d love to hear from you and will be there at a time that suits you.

Contact the team on 01565 874 246
Email: hello@malloryfinancial.co.uk 

Exceptional Service
We have received a fantastic experience with Mallory Financial, our advisor Jayne worked really hard to find us the right deal to suit our needs and was on hand to answer any questions and always kept us updated with the progress of our mortgage. I would 100% recommend Jayne and I will definitely be contacting her again when I come to remortgage. Thank you 😃

Jacqui

Sources:

  1. Financial influencers. Individuals who share money tips and who advise on financial matters using social media. 
  2. https://www2.deloitte.com/uk/en/pages/press-releases/articles/young-people-turn-to-social-media-for-financial-guidance.html
  3. https://www.theguardian.com/money/2023/feb/03/scams-fca-blocks-more-than-10000-ads-from-instagram-facebook-and-youtube
  4. https://www.theguardian.com/money/2021/aug/22/as-finfluencers-spread-through-social-media-beware-the-pitfalls

Your home/property may be repossessed if you do not keep up with repayments on your mortgage. There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £250 to £1000 and this will be discussed and agreed with you at the earliest opportunity.  Availability and cost of cover is subject to criteria such as Health & lifestyle questions, medical history, underwriter review, and cover availability.

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