Young investors turn to Instagram for stock tips
- On August 16, 2023
- By GrowthInvest Marketing
A fifth of young investors get their stock tips and market forecasts from Instagram, Hargreaves Lansdown has found.
Figures from an Opinium Survey of 2,000 people carried out for Hargreaves Lansdown in May found other social media sites were also popular with young investors – defined as aged from 18 to 34 – with 16 per cent turning to Facebook, 14 per cent sourcing ideas from Reddit and 8 per cent looking on TikTok.
But for investors aged over 55 these numbers fell to 0 per cent as they looked elsewhere for investment ideas.
Elsewhere, financial websites were the number one source of investment ideas across all age groups.
Emma Wall, head of investment analysis and research at Hargreaves Lansdown, said: “If you are older, chances are financial companies websites are top of the list of sources, if you’re like 38 per cent of men, and 28 per cent of women.
“Financial websites were popular across all investor age ranges, geographical regions of the UK and employment status, in fact rising to 46 per cent of people amongst the self-employed.”
After this, people turn to friends and family for stock tips, though men and older investors are less likely to do so.
Older investors aged 55 plus are the most likely group to depend on themselves for investment ideas.
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