Women are 20% more likely than men to trust financial advice from family and friends, according to research by Global Prime.
However, men were four times more likely than women to follow advice from financial influencers on TikTok when it came to making trading or investment decisions.
“Women are 20% more likely than men to trust the advice of family or friends when it comes to making investment decisions, indicating that familial approval is a high priority and women are more likely to use friends and family as a sounding board for financial advice.
“On the other hand, the research indicates that men (particularly in the younger age demographic), are four times more likely than women to follow the advice of the latest “finfluencer” on TikTok,” the report said.
The firm suggested new investors sought a mentor to help them sift through information, find a strategy for them and hold them accountable for their decisions.
Asked to rank motivations in order of priority, the risk level of an investment was the most-common priority at 26% followed by growth and dividend opportunities at 23% while social media trends were the lowest priority.
Women were twice as likely as men to prioritise ethical investment at 12% compared to 7% for men, citing the deteriorating natural environment as their primary motivator.
Jeremy Kinstlinger, co-founder and director of Global Prime, said: “It’s interesting to see the different priorities and internal motivations that people take into consideration when making significant financial decisions. In our line of work, we see this play out on a day-to-day basis”.
