The State of Financial & Investor Education

Executive Summary

The UK has a structural investing deficit. Only 8% of non-pension personal wealth is held in equities — the lowest in the G7, compared to 33% in the US. Half of UK household wealth sits in property. If UK adults allocated as much to investments as their US counterparts, it could inject up to £3.5 trillion into capital markets.

Financial literacy is middling: the UK ranks 15th out of 29 OECD countries. Nearly half of UK adults (49%) show characteristics of financial vulnerability, and 22.5 million do not understand enough about pensions to make retirement decisions. Auto-enrolment has been a participation success (86% of private sector employees) but an engagement failure — over 99% of NEST members remain in default funds.

The education market is fragmented. Government provision (MoneyHelper) is broad but lacks engagement. Broker-embedded education (Hargreaves Lansdown, AJ Bell) is product-adjacent and self-serving. Independent platforms (MoneySavingExpert) focus on deals rather than investing literacy. UK content creators have a fraction of the audience of US equivalents — the largest UK-focused finance YouTubers have 100–180K subscribers versus 3–5 million in the US.

Meanwhile, the FCA is tightening enforcement. Nearly 20,000 financial promotions were amended or withdrawn in 2024. Twenty finfluencers have been interviewed under caution, and nine individuals face criminal charges.

UK Regulatory Landscape

The Education vs. Advice Boundary

The fundamental regulatory question for any investor education platform is where education ends and regulated financial advice begins.

• Regulated advice is defined as a "personal recommendation" — advice presented as suitable for a specific client, or based on consideration of their circumstances.
• Generic guidance (explaining how ISAs work, what compound interest is, how index funds operate) is generally permissible without authorisation.
• Targeted support is a new middle category being developed through the joint HMT/FCA Advice Guidance Boundary Review. Near-final rules are expected to come into effect on 6 April 2026.

This evolving boundary creates both risk and opportunity. The targeted support regime may enable more personalised tools — such as suggesting which ISA type might suit someone based on their age and goals — without requiring full advice authorisation.

Sources: FCA Advice Guidance Boundary Review (DP23/5, November 2024 update); FCA PERG 8

Financial Promotions Regime

The FCA's financial promotions rules (strengthened by PS22/10, effective February 2023) are central to how investor education content can be produced and distributed.

• Under Section 21 of FSMA 2000, communicating a financial promotion without authorisation is a criminal offence.
• Rules are platform-agnostic — they apply equally to YouTube videos, TikTok posts, blog articles, Discord servers, and podcasts.
• Financial promotions must be fair, clear, and not misleading.

A 97.5% increase year-on-year. Approximately 3,700 websites were scanned and 1,600 alerts issued.

Sources: FCA PS22/10; FCA Financial Promotions Data 2024

Finfluencer Enforcement (FG24/1)

The FCA published finalised guidance on financial promotions on social media (FG24/1) in March 2024. Enforcement has been aggressive:

• 20 finfluencers interviewed under caution using criminal powers.
• 38 alerts issued against finfluencer social media accounts.
• In June 2025: 3 arrests, criminal proceedings against 3 individuals, 50 warning alerts, and over 650 takedown requests.
• Nine individuals (including reality TV stars) charged in 2024 for an unauthorised forex trading scheme.

Sources: FCA FG24/1; FCA press releases 2024–2025

Consumer Duty

The Consumer Duty (effective July 2023) introduced four outcomes, including "consumer understanding." Firms must ensure communications are fair, clear, and not misleading — and must test whether consumers actually understand them. The FCA has noted the average consumer has "quite poor knowledge of financial services."

Sources: FCA Consumer Duty (FG22/5)

Market Participants

Government & Public Sector

MoneyHelper (Money and Pensions Service / MaPS)

The UK's primary public financial guidance service:

• Achieved 12.4 million "engaged sessions" in 2023/24 (102% of target).
• MaPS research found 22.5 million UK adults do not understand enough about pensions to make retirement decisions.

MoneyHelper is comprehensive but institutional in tone. It fills a necessary role but does not close the engagement gap.

Sources: MaPS Annual Report 2023/24; MaPS MoneyView 2025

Broker-Embedded Education

Broker education tends to be product-adjacent: guides naturally funnel toward the broker's own product. Useful but rarely addresses broader financial planning or cross-product comparison.

Sources: Hargreaves Lansdown FY25 results; AJ Bell annual results September 2025; ii platform data

Independent Platforms

MoneySavingExpert

MoneySavingExpert excels at deals and best-buy tables but has limited coverage of investing education. Its audience is primarily cost-conscious consumers rather than aspiring investors.

Fintech Education

• Monzo: Over 300,000 customers with investment and pension accounts. Offers ready-made funds and build-your-own ETF portfolios from £1.
• Plum: AI-driven savings and investment app. 26 investment funds. Launched Cash ISA (March 2024) and Lifetime ISA (May 2025).

These fintechs embed education within the product experience but are necessarily limited to supporting their own offering.

UK Content Creators & Influencers

The UK financial content creator ecosystem is small but growing. Unlike the US, where multiple creators have audiences in the millions, UK-focused finance creators typically operate in the tens-to-hundreds-of-thousands range.

What Works in UK Finance Content

• UK-specific relevance: ISAs, SIPPs, UK tax rules, and the property market — topics US content cannot address.
• Personality-driven: comedy (Damien), avuncular (Pete), blunt (Sasha). The format matters less than distinctiveness.
• Multi-platform, podcast-strong: UK creators lean more heavily on podcasts than US counterparts.
• Smaller but more engaged: high engagement rates relative to subscriber counts, suggesting underserved demand.

The Gap in UK Creator Coverage

Significant topics remain poorly covered: workplace pensions beyond the basics, tax planning for different life stages, ISA strategy, self-employed financial planning, the transition from saving to investing, and practical portfolio construction.

International Benchmarks

US Content Creators

US Platforms

• Investopedia: 23 million+ unique monthly visitors, 75 million page views. The de facto reference site.
• Khan Academy: 160 million+ registered learners globally. Financial literacy course partnered with Intuit.

What the UK Can Learn

1. Scale is achievable — Graham Stephan grew from zero to 5M+ through consistency, transparency, and personality. UK competition is far thinner.
2. Courses are the highest-margin revenue stream — Ramit Sethi's $5M product launch week and $12K courses prove audiences will pay premium prices.
3. Affiliate revenue in finance is enormous — US creators earn $1M+ annually from platform partnerships alone.
4. Multi-format is non-negotiable — every successful creator operates across YouTube, podcasts, newsletters, and courses.
5. Trust is built through transparency — sharing real numbers builds trust faster than credentials alone.

The UK Gap

Participation & Wealth Allocation

UK Non-Pension Wealth Allocation

Sources: FCA Financial Lives Survey 2024; abrdn (2025); Gallup 2025; ONS Wealth and Assets Survey (2020–2022)

Financial Literacy

• UK financial literacy score: 13.1 out of 21 (OECD average: 13.7). Ranks 15th out of 29 OECD countries.
• Only 52% of UK adults understood the benefits of interest compounding.
• Only 57% could compute a simple interest rate.
• 49% of UK adults (26.4 million) showed characteristics of financial vulnerability in 2024.

The Pension Engagement Crisis

Auto-enrolment succeeded in participation — private sector pension participation rose from 42% in 2011 to 86% in 2022. But engagement remains desperately low: over 99% of NEST members are in retirement-date funds. 50% of adults have no plan for their finances in retirement. The statutory 8% minimum contribution rate is widely considered inadequate.

Sources: DWP (2009–2024); House of Commons Library (SN06417, January 2026); MaPS MoneyView 2025

Cultural Factors: Why the UK Is Different

The property fixation

ONS data (2020–2022) shows net property wealth accounts for 40% of total household wealth, with private pension wealth at 35% and net financial wealth at just 14%. UK homeowners have increasingly treated property as a financial safety net — researchers describe this as an "asset-shaped welfare state" where homeownership substitutes for both equities and state provision.

The "Tell Sid" legacy

The 1986 "Tell Sid" campaign promoted the British Gas privatisation. Individual share ownership grew from 7% in 1979 to 20% by 1989. But this growth was not sustained — the campaign lasted a single year. By comparison, the US NYSE "Own Your Share" campaign ran for 14 years (1954–1968).

Welfare state effects

The UK's more comprehensive welfare state — the NHS, state pension, housing benefit — may reduce the perceived urgency of personal financial planning compared to the US, where healthcare costs, college savings, and retirement funding create earlier reasons to engage with investing.

Audience Segments

Young Adults (18–24)

• 23% of UK adults actively invested in 2024, up sharply from 18% in 2023 — growth driven by younger demographics.
• Gender gap widest here: only 9% of women under 24 invest, versus 22% of men.
• A third of Gen Z look to TikTok influencers for financial advice.
• 74% of online 18–24-year-olds use TikTok; 90% use YouTube.

Mid-Career (25–44)

The largest segment of active investors. Facing multiple financial priorities: mortgage, family costs, pension contributions, ISA strategy, and career changes. Podcast listenership peaks in this range (30% of 35–44s).

Pre-Retirement (45–65)

Approaching critical decisions around pension drawdown, retirement income, and estate planning. Holds the most wealth but often lacks confidence in managing it.

The Gender Gap

• 3.3 million more men invest than women (10 million vs. 6.7 million).
• Average invested: £70,000 for women vs. £115,000 for men.
• Young men invest at double the rate of young women (41% vs. 20% among 18–34s).
• Only 20% of female investors are comfortable with significant risk, versus 44% of males.

Research shows women actually perform better as investors on average — the gap is one of confidence and participation, not capability. Successful approaches include storytelling and life-stage framing, avoiding patronising "pink" marketing, and focusing on empowerment and community.

Sources: Boring Money Gender Investment Gap Report; NatWest; Female Invest; Vestpod

Monetisation Models

Financial education is one of the most commercially attractive content niches.

YouTube Ad Revenue

• Finance is the highest-paying YouTube niche in 2025.
• Average CPM: $15–$50; average RPM: $10–$25.
• Finance earns 5–10x more than entertainment or gaming channels with identical view counts.

Affiliate & Referral Revenue

• Commission rates typically 1–5% for financial products, 30–50% for courses/software.
• Graham Stephan earns $1M+ annually from affiliates alone.
• UK programmes: Trading 212, Freetrade (free share up to £100), Hargreaves Lansdown.
• FCA's FG24/1 guidance requires firms to maintain monitoring and oversight of affiliate marketers.

Courses & Premium Content

The highest-margin revenue stream. Successful courses sell for $500–$5,000+. Graham Stephan's generate ~$30K/month. Ramit Sethi's span $4.95–$12,000 with 42,000+ students.

Sponsorships

• Finance YouTubers command $20–$50 CPM for sponsorships.
• At 100K subscribers: $2,000–$4,000 per sponsored video.
• US/UK audiences command 20–50% higher rates than other geographies.

Community & Membership

Subscription earnings across creator platforms tripled between 2021 and 2024. Community models create recurring revenue and higher retention versus one-off courses.

Newsletter & Email

Email lists provide algorithm-independent reach — critical as platform algorithms become less predictable. Ramit Sethi's 800,000+ subscriber newsletter is a key funnel for his course business.

Key Opportunities & Risks

Opportunities

1. Underserved UK market — no UK equivalent of Investopedia (23M monthly visitors) or Khan Academy's financial literacy programme.
2. The £3.5 trillion prize — the abrdn report quantifies the capital market opportunity if UK participation approached US levels.
3. Regulatory tailwinds — the April 2026 "targeted support" regime may enable more personalised guidance without full advice authorisation.
4. ISA and pension reform momentum — the Cash ISA cap reduction nudges savers toward Stocks & Shares ISAs. LISA reform is expected in 2026.
5. The gender investing gap — a £678 billion gap that's widening. Platforms that authentically engage women investors tap a massive underserved market.
6. Creator economy arbitrage — UK finance creators have a fraction of US audiences but operate in a market with near-identical per-capita wealth.
7. Premium monetisation — finance content commands the highest CPMs, affiliate rates, and sponsorship fees of any niche.

Risks

1. Regulatory risk — a single compliance misstep could result in FCA enforcement action, including criminal proceedings.
2. Trust erosion — the finfluencer crackdown means audiences are increasingly sceptical. Credibility must come before growth.
3. Market timing sensitivity — investor education demand correlates with market sentiment.
4. Platform dependency — reliance on any single platform creates algorithmic risk. Building owned channels is essential.
5. FCA financial promotions compliance — affiliate partnerships and sponsorships must comply with FCA rules, creating overhead US competitors don't face.
6. Smaller addressable market — UK population (~67M) vs. US (330M) limits the ceiling for ad-supported models.
7. Competition from incumbents — Hargreaves Lansdown, AJ Bell, and Monzo are all investing in education content.

Sources & References

• FCA Financial Lives Survey 2024 (published May 2025) — 17,950 respondents
• FCA PS22/10 — Strengthening financial promotion rules
• FCA FG24/1 — Financial promotions on social media guidance
• FCA Consumer Duty (FG22/5)
• FCA Advice Guidance Boundary Review (DP23/5)
• OECD/INFE 2023 International Survey of Adult Financial Literacy
• ONS Wealth and Assets Survey (April 2020–March 2022)
• HMRC Annual Savings Statistics (September 2024 and 2025)
• DWP Workplace Pension Participation and Savings Trends 2009–2024
• MaPS Annual Report 2023/24 and MoneyView 2025
• House of Commons Library briefing SN06417 (January 2026)
• abrdn "Tell Sid and Tell Him Again" report (January 2025)
• Gallup Stock Ownership Survey 2025
• Boring Money Gender Investment Gap Report
• Platform and creator data from Social Blade, HypeAuditor, SimilarWeb, Semrush
• Hargreaves Lansdown FY25 results; AJ Bell annual results (September 2025)