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Brits use social media for money advice

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Millions of young Brits would turn to social media for money advice, a new survey reveals.

One in five 18-34-year-olds said they would ask their social media followers for financial guidance, while a quarter said they would chat to their hairdresser about money worries.

However, the research by wealth management firm Tilney shows people across all age groups are most likely to talk about money with someone close to them.

Some 63 per cent of UK adults would turn to their partner, with the figure rising to 67 per cent for those aged 55 and over.

Just under half of people would talk to a close family member about money, 32 per cent would approach their parents and 13 per cent would rely on work colleagues.

Lee Dooley, director at Tilney, said: “Money is one of those topics us Brits are typically quite reserved about with some people fearful of discussing something so private.

“Most people would rather talk about anything else, particularly if they have money worries.

“So, our research results are encouraging as they show a growing trend of people breaking taboos and opening up. It’s always best to start a conversation with someone, than not talk to anyone, and sometimes anonymous listeners might be easiest.

“Of course, when faced with big life moments, it’s definitely worth seeking professional financial advice.”

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