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