More than half of S’poreans rely on social media for financial advice

Half believe social media has improved their financial knowledge.

More than half (52%) of Singaporeans said that they rely on popular social media platforms such as YouTube, Instagram, and Facebook for financial advice, according to a MoneySmart survey.

Around 43% of the respondents believe social media has improved their financial knowledge, with 19% using it daily.

Additionally, nearly a quarter (23%) have changed their spending habits due to social media, with 30% starting a budget, 16% initiating an emergency fund, and 11% increasing retirement savings contributions.

Moreover, 24% have opened a savings account, whilst 18% have applied for a financial product such as a credit card or loan.

Social media also heavily influenced investments, with 37% investing in US stocks (45%), bonds (24%), etc.

Millennials were found to be the most frequently doing the practice with 53% seeking information at least weekly.

However, almost one in five (18%) lost money on investments influenced by online advice, and a further 14% fell victim to financial scams whilst 9% reported substantial monetary losses.

Adding to these concerns, 70% encountered financial advice passively through their social media feed, suggesting that they may be influenced by financial content despite not actively seeking it.

Also, a number (12%) of respondents reported feeling more confused or overwhelmed by the sheer volume of financial information on social media, highlighting the need for better guidance.

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