A new survey by Revolut has revealed a worrying overconfidence among UK consumers when it comes to financial advice online, with thousands of people losing money to unverified sources.
The global FinTech, which has over 12 million customers in the UK, found that 41% of Brits have acted on unverified financial guidance without checking its authenticity, leading to widespread losses.
The independent study, conducted with Dynata, highlights that younger adults are the most exposed. Around 68% of those aged 25–34 and 58% of 18–24-year-olds admitted to following online financial advice without conducting additional research. The impact has been costly—nearly one in five respondents (19%) reported losing more than £1,000, while 4% said they had lost upwards of £5,000 from acting on unverified advice.
A significant gender gap also emerged from the findings. Men appeared far more confident in identifying credible sources, with 80% believing they could tell the difference between legitimate and illegitimate advice. However, confidence did not translate into better outcomes—one in four men (25%) said they had lost over £1,000 due to misleading financial guidance. Women were more cautious overall, with 63% stating they had never acted on unverified advice, though 59% still believed they could recognise it.
The study further shows that scams and misinformation continue to dominate public concern. Over one-third (35%) of Brits said scams and ponzi schemes were their top worry, followed by 26% who were most concerned about exaggerated or misleading financial claims. Despite these fears, very few people seek professional guidance—just 17% had spoken to financial advisors before investing, and only 12% used educational tools offered by investment platforms.
Revolut wealth and trading UK head Yana Shkrebenkova said, “It’s apparent that the internet has democratised access to financial information, but not necessarily financial wisdom. Too many people mistake confidence for credibility, and slick social-media posts for sound investment advice, blurring the line between insight and influence. Sound financial decisions should be grounded in education and research, and advice should come with credentials, not hashtags.”
To help combat this growing problem, Revolut is focusing on promoting financial literacy and transparency. Through its app, users can access accessible learning modules and investment tools that aim to empower individuals to make informed, research-backed decisions and grow their wealth responsibly over time.
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