Around one-in-five (21%) of investors aged 18-34 get stock tips and market forecasts from Instagram, an Opinium survey done on behalf of Hargreaves Lansdown has revealed.
Some 16% get investment ideas from Facebook, with 14% using Reddit.
This is in contrast to the over 55s with only 1% using Facebook and 0% using Instagram or Reddit.
Across all age groups the majority got their investment ideas from websites of financial companies.
The data also found that women are more likely to ask friends and family for ideas and guidance, while men and investors aged over 35 prefer to trust their own judgement.
Emma Wall, head of investment analysis and research at Hargreaves Lansdown, said: “Regionally there are few differences – most investors across the UK prefer the same sources for ideas – although people in the East Midlands at 39% and London at 33% trust friends and family for investment ideas far more than those in Wales and the West Midlands at just 17% and 11% respectively.
“Of course, the most important factor when looking for investment ideas regardless of your source is that they are right for you, and your personal financial plan. Those readying themselves for retirement probably shouldn’t be invested in the same portfolio as a Gen Z investor who is in their first job.”
This survey follows a Financial Conduct Authority (FCA) report which found young Brits are 18% more likely to be influenced by social media when making investment decisions than in their dating choices.