Online searches have become the most common source of financial information for Irish adults, with 35% saying they use them for advice, according to research commissioned by financial intermediaries Ask Acorn.
The survey of 1,000 adults, conducted by iReach, finds that 28% turn to family and friends, while 23% use a financial adviser. Almost one in five (19%) say they do not seek financial advice or information at all.
Social media is particularly popular among younger adults. Some 21% of 18 to 24-year-olds say they use it for financial guidance, compared with just 4% of those aged 45 to 54. Podcasts are also used by 15% of the youngest group.
Ask Acorn says the findings highlight the growing influence of so-called ‘finfluencers’ – social media creators who share financial content with large audiences.
Keith Butler, CEO of Ask Acorn, said online sources can help people build awareness but cannot replace advice tailored to individual circumstances.
“What works for one person may be entirely unsuitable for another, and no algorithm or social media post can take individual circumstances, life stage, or financial goals into account,” Butler said.
Saving and budgeting is the most popular area for targeted financial advice, cited by 36% of respondents, followed by retirement and pensions at 32% and investing at 29%.
The priorities vary significantly by age. Almost half of 45- to 54-year-olds (47%) want advice on retirement and pensions, compared with 17% of those aged 25-34. Buying a home or managing a mortgage is cited by 38% of 18- to 24-year-olds, compared with 3% of over-55s.
The research also finds that women are twice as likely as men to use social media for financial guidance, at 10% compared with 5%. Men are more likely to want advice on investing, at 33% compared with 24% of women.
Butler says people increasingly begin their search for financial information online or through their personal networks.
“Doing your own research is a sensible first step, but before making any significant financial decision, it’s worth speaking with a financial adviser who can help put that information into context,” he said.
Patryk Goron
Ltd
