An increasing number of retail investors are moving away from social media 'finfluencers' as a source of investment advice, and instead heading back towards more traditional channels, data claims. Unqualified: Finfluencers are unlikely to have the same financial advice qualifications that professional financial advisers are required to (stock image)Now only 37 per cent of adults aged 27 or younger are heading to finfluencers for advice, according to research by investment platform Charles Schwab. For small scale investors, it can be hard to justify paying significant amounts for financial advice. But that advice can be valuable, as a massive 87 per cent of investors admit they don't have enough financial knowledge to manage their portfolio effectively. Richard Flynn, Charles Schwab UK managing director, said: 'The current macroeconomic climate continues to shape the attitudes and behaviours of retail investors in the UK.

Source: Daily Mail May 04, 2024 12:25 UTC