It’s Global Money Week and this year’s theme is ‘Think before you follow, wise money tomorrow’.
With financial advice all over social media and the internet, and the rise of ‘finfluencers’ (financial influencers) it’s important to know what’s credible and what could lead you into trouble. We’ve put together a handy checklist to help you spot red flags (warning signs) and green flags (good signs) before making purchases or committing to financial opportunities.
Red flags to watch out for 🚩
- ‘Get rich quick’ promises: Posts claiming things like “you can turn £100 into £1000 in a week” or someone claiming their “side-hustle earned £5000 overnight” are likely scams. Sustainable wealth takes time—beware of anything that sounds too good to be true.
- Unverified sources: If a finfluencer cites stats or research but doesn’t disclose where the information comes from, question its credibility. Are they linking to a reliable source like gov.uk or a well-known financial institution?
- Hidden sponsorships and affiliated posts: If someone promotes a financial product (like a trading app) but doesn’t mention they earn a commission, they may be prioritising profit over your best interests.
- Suspicious or repetitive comments: If all the comments on a post are overly positive, repetitive, or just seem suspicious and not adding value or sharing any actual insights, these could be fake testimonials or bots designed to build false credibility.
- False urgency: High-pressure posts with phrases like “Limited time offer!” or “Act now or miss out!” are designed to make you rush into a decision without proper research. Financial decisions should be thought through, not made impulsively.
Green flags to look out for✅
- Balanced information: Good financial content presents both the pros and cons, allowing you to have a realistic picture of the potential rewards and risks.
- Clear disclosures: Ethical influencers and websites disclose partnerships, sponsorships, or affiliate links upfront, to help you make an informed decision.
- Diverse perspectives: Creators that acknowledge everyone has different financial situations (like varying levels of income, different life goals) respects that everyone’s money journey is different and feels more relatable, inclusive, and genuinely helpful.
- Credible sources: Are finfluencers referring you to trusted financial experts? Look for content from qualified advisors, reputable journalists, or established financial organisations.
- Educational content: The best financial content helps you understand money better, rather than just promoting products or ‘hacks’ that may not be in your best interest.
Save our handy checklist graphic to refer back to you next time you come across financial content online:
Keep learning
Read more about the tactics scammers can use to fool you in this helpful article from Stop Think Fraud.
Follow MyBnk this week on social media on LinkedIn, Instagram, and Facebook as we share more helpful money management tips to help you think before you follow!
Read more about our Global Money Week 2025 campaign and how you can get involved.
