Hong Kongers turn to social media for financial advise: report

YouTube, Instagram, and Facebook are amongst the most popular platforms for Hong Kongers.

In Hong Kong, 52% of adults rely on social media as their main source of financial advice, data from MoneySmart revealed.

The most popular platforms for accessing financial insights include YouTube (78%), Instagram (43%), Facebook (42%), WhatsApp (25%), and Twitter/X (21%).

Nearly half (42%) of Hong Kong adults believe social media has improved their financial knowledge, with 17% using it daily to seek financial tips and advice. 

Of them, Millennials are the generation most frequently turning to social media for financial advice, with 52% seeking information at least weekly.

MoneySmart also revealed that the most popular topics across all age groups include investing (59%), saving (54%), and information on financial products such as credit cards and loans (33%). 

The most popular investments include HK stocks (58%), US stocks, (50%), and cryptocurrency (31%).

In addition, 25% have changed their spending habits due to social media, with 29% starting a budget, 13% initiating an emergency fund, and 11% paying off debt. 

On the flip side, 19% incurred losses on investments influenced by online advice, and 11% fell victim to financial scams after following social media recommendations. Amongst those who followed social media advice, 9% reported substantial financial losses.

MoneySmart surveyed 1,000 Hong Kong adults aged 18 and above between 2 to 8 October.