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Third of Brits Turn To Social Media For Money Saving Tips [UK STUDY]

Social Media in the UK

Looking for money saving tips? A third of the British population relies and trusts social media when it comes to seeking tips about saving their money.

Social Media in the UKPeople in the UK trust what they find over the internet and social media. Whether it is financial advice, cooking, health, cleaning or relationships 32% or about a third of Brits turn to social media for advice and tips 36% of them claim that the tips they read on the internet are as reliable as or even more reliable than advice given in person.

Money saving tips from social media networks account to as much as GBP 3.4 million in savings every year.

Key Stats

  • 32% of Brits trust advice and tips from social media
  • 36% claims that advice from social media is as reliable, or more reliable from a real source
  • 26% seek money saving tips from different social media channels’
  • GBP 3.4 million volume of money Brits bank every year because of online money saving tips and advice

Matthew Betés, Head of Community at Smart Shoppers UK: “We know from our own online community, which is dominated by savvy mums, that women who are juggling a hectic schedule as well as the family’s finances are an excellent source of money saving advice.  This could be anything from where to find the best deals to how to make a face pack from the products in your fridge.   Based on the strength and quality of their advice and the obvious popularity of social media as a resource, we’ve launched a dedicated SmartTips app on Facebook which allows our community to share their pearls of wisdom with an online audience, and vote on the best tips.”

Source: finance.yahoo.com

How much do you trust social media for financial advice?  Like Amazon, are you more likely to follow savings tips from real people, even strangers, than your bank’s?  How much info on the tippers would you need to go ahead and follow them?

Join the conversation here or on our Facebook page.

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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