Just over a fifth (21%) of young investors aged 18-34 have said that they get stock tips and market forecasts from Instagram, Hargreaves Lansdown has found.

In a survey of 2,000 people conducted by Opinium for Hargreaves Lansdown, it was found that financial websites were the number one source of investment ideas across all age groups, with 34% of people using these services.

Family and friends were also a popular source, with just under a quarter (24%) of people using their friends and relations as a way to gain stock tips and market forecasts.

However, for younger investors, Instagram was one of the more popular sources for investment knowledge, with other social media platforms including Facebook (16%), Reddit (14%) and TikTok (9%) also having an influence on people in this age range.

For those over the age of 55, social media is barely used for these investment tips, with just 1% of people in this age range using Facebook. Reddit, Instagram and TikTok did not see any responses.

However, websites of financial companies led the way for how people over the age of 55 get their tips, with 34% of respondents using them for their investment tips. The survey found that 29% said they still use newspapers and 24% stated that they come up with their own forecasts.

Head of investment analysis and research at Hargreaves Lansdown, Emma Wall, said: “If you are older, chances are financial companies websites are top of the list of sources, if you’re like 38% of men, and 28% of women. Financial websites were popular across all investor age ranges, geographical regions of the UK and employment status, in fact rising to 46% of people amongst the self-employed.

“Other sources of ideas are different amongst different cohorts, with women more likely to ask friends and family for idea and guidance, while men and older investors prefer to trust their own judgement. After that, newspapers and specialised financial publications are a source of ideas across men and women of all ages – though less so with younger investors who prefer to turn to social media for ideas.

“Consider your risk appetite, investment horizon and what you may already be invested in before acting on any investment ideas. Ensure a good mix of sectors, regions and styles in your investment portfolio, to help build ballast to weather choppy markets. While engagement with investing should be applauded at any age, taking tips from unregulated or unverified sources, such as social media, should be done with caution. Always take time to do additional due diligence on any ideas. If you are at a pivotal life event – retirement, marriage, becoming a parent, and you are really short of investment ideas, consider getting professional advice before taking the plunge.”

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