Sidekick research indicates that TikTok is the most popular platform for financial guidance among high-earning Brits. Three in ten high-earning Brits turn to social media for financial guidance, and 24% rely on AI tools for financial guidance, though the specific AI tools used are not detailed. The research also found that nearly one third of high-earning Brits pretend to understand key decisions involving large sums of their own money, with half ultimately losing cash as a result.
One in three high-earning Brits have made investment decisions involving £10,000 or more that they later regretted. More than 82% of high-earning Brits feel anxious about their financial future. Matt Ford, Sidekick cofounder and CEO, said, 'Earning more does not automatically make you feel more secure.
' He added, 'When someone receives a large bonus or sees their balances grow quickly, the fear of making a costly mistake becomes more real. ' Key financial trigger moments for high-earners include receiving a large bonus (44%), a significant pay rise (41%), and investment balances growing larger than they felt comfortable managing (31%). On average, high-earning Brits say investing starts to feel important at around the age of 33 and when portfolios reach roughly £51,000.
The long-term financial outcomes for those relying heavily on social media for investment decisions are not known. Separately, a Nationwide poll shows that young Britons are increasingly turning to digital communities for financial advice. Almost half (43%) of young Britons trust financial tips shared in their group chats more than information found on traditional financial websites, and 82% claim digital communities have directly shaped their money-saving habits.
' TikTok is a favourite source of financial advice for 48% of young people, according to the poll.