Study: Over 50% of HK adults turn to social media for financial advice

Over half (52%) of Hong Kong adults now turn to social media as their primary source of financial advice, with YouTube emerging as the most popular platform, a study finds.

MoneySmart conducted a survey titled “Social Media Dominates as the Primary Source of Financial Advice for Hongkongers”, involving 1,000 Hong Kong adults.

The study showed a growing trend of people seeking investment guidance online, with two-thirds (67%) of Hongkongers now seeking investment advice from social media. Nearly half (42%) believe it has improved their financial knowledge, while 17% use it daily to seek financial tips.

The most popular topics across all age groups include investing (59%), saving (54%) and information on financial products such as credit cards and loans (33%). Millennials are the generation most frequently turning to social media for financial advice, with 52% seeking information at least weekly, said the report. 

Among social media platforms, YouTube tops the list with 78% of respondents accessing financial insights on the platform, followed by Instagram (43%), Facebook (42%), WhatsApp (25%) and X (21%). Forums such as LIHKG are also popular.

According to the study, social media is also encouraging Hongkongers to make substantial financial decisions. Nearly a quarter (22%) have opened a savings account, while 20% have applied for a financial product such as a credit card or loan due to social media advice.

The study highlights the large impact of social media gave to investments, 39% of respondents make investments based on advice seen online, with popular choices including HK stocks (58%), US stocks (50%) and cryptocurrency (31%).

However, apart from broader access, financial risks tied to unverified advice are apparent. Nearly one in five (19%) lost money on investments influenced by online advice, 11% fell victim to financial scams after following social media recommendations, and 9% reported substantial financial losses.

Adding to these concerns, 68% encounter financial advice passively through their social media feeds, even when not actively seeking it. Additionally, 10% of respondents said they felt overwhelmed by the volume of financial content online.

Abel Lee, general manager at MoneySmart Singapore and Hong Kong, said: “Our study reveals a significant shift in how Hong Kongers approach financial advice, with social media now taking the lead over traditional sources. While it’s encouraging to see more individuals engaging with their finances, it’s crucial to ensure the credibility and accuracy of the information they rely on. At MoneySmart, we go beyond just connecting consumers to personal finance products through our marketplace.”

“While social media has made financial advice more accessible, it also comes with risks from unverified sources. In a landscape where unverified advice is prevalent, our focus is to empower individuals with the tools, trusted guidance, and personalised recommendations they need to make informed decisions that lead to positive outcomes,” he added.

To navigate social media investment advice in 2025, Joe Yu, chief marketing officer at Futu Securities suggested consumers should:

1. Be cautious of bold claims

Some financial influencers may overstate returns and downplay risks to attract attention, often labelling investments as "guaranteed" or "risk-free." Legitimate financial advisors always explain both the potential returns and risks, so stay clear of those promising guaranteed outcomes.

2. Verify social media financial advice

Beyond identifying unreliable advice, it's crucial to verify the accuracy and authenticity of financial information on social media. I recommend a three-pronged approach: verify the source, consult with multiple sources and assess the timeliness of the information. Before making investment decisions, seek professional advice, carefully evaluate the risks and approach each decision with a vigilant and rational mindset.

3. Do your own research and use a regulated platform

Always independently analyse investment advice found on social media. Investors should conduct thorough research on market trends, company fundamentals, industry dynamics and more before investing. This approach will lead to smarter, more informed decisions. When opening a brokerage account, opt for an SFC-regulated and licensed brokerage to ensure transaction security. Trusted investment platforms typically offer professional investment tools and resources, empowering investors to make well-informed investment decisions.

4. Stay alert to scams and avoid herd mentality

To protect against scams impersonating legitimate entities such as investment platforms or financial influencers, investors should verify official information and social media links. Be wary of "herd mentality” on social media and avoid following investment trends blindly. Impulsive buying and selling without risk evaluation can lead to significant losses.

5. Balance short-term gains with long-term goals

To strike a balance between short-term gains and long-term financial planning, by setting clear short-term and long-term financial goals; developing an actionable budget plan; establishing a long-term, diversified investment strategy, regularly reviewing and adjusting your investment portfolio and continuously expanding your financial knowledge.

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