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65% of Brits turn to unregulated sources for advice on salaries, Zable finds

83% had sought financial guidance from non-regulated sources, including social media, friends and family, and artificial intelligence (AI) tools. 

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Nearly two-thirds (65%) of Brits have turned to unregulated sources for advice on salaries and wages, according to research from Zable. 

The study surveyed 2,000 UK credit card holders and found 83% had sought financial guidance from non-regulated sources, including social media, friends and family, and artificial intelligence (AI) tools. 

The use of unofficial advice was highest among younger adults, with 93% of 25 to 34 year olds and 92% of 35 to 44 year olds saying they had done so.

Additionally, the research found that 68% of Brits did not check the risks before acting on financial advice. 

Only 24% would check a financial professional’s credentials, and just 22% would look into whether advice might be influenced by sponsorships or commission.

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29% of people reported losing money due to bad credit card advice, while 28% said they had lost money from poor investing tips. 

Of those who lost money on credit cards, 21% said they had lost £100 or more in the past 12 months. 

Mortgage advice led to even bigger losses, with the most common amount being £500 to £1,000.

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Arielle Rogers-Jenkins, senior product manager (UK credit cards) at Zable, said: “When searching for financial advice, starting with regulated or official sources such as financial advisers, banks, building societies, and government-backed guidance services is key, as these organisations are held to specific standards and accountability in the UK.

“For those making more complex decisions around investing, mortgages, pensions, or long-term financial planning, speaking to a qualified financial adviser can help ensure advice is tailored to individual circumstances. 

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“Consumers can also verify that advisers are authorised by the Financial Conduct Authority (FCA) through the FCA Register and confirm businesses are legitimately registered through Companies House.”

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Rogers-Jenkins added: “While AI tools, forums, podcasts, YouTube videos, and social media can be useful for building financial understanding, this type of content is often generalised and should always be researched further before acting on the advice. 

“A lot of advice online, particularly on social media, could be linked to sponsorships, commissions, or product promotions, so it’s important to seek clarification and avoid making financial decisions under pressure.”

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