Of the 150 videos analysed by the advice, firm the majority were made by unregulated content creators.

Some 85% of videos did not contain any risk warnings.

Over one in ten (12%) of the content creators were giving advice with the sole aim of selling an online course or e-book - which has become a growing revenue driver for many creators on social media.

The majority (91%) of creators also did not encourage viewers to do their own due diligence before making important financial decisions.

Almond Financial said some of the advice being given by creators could lead to long-lasting financial damage.

Sam Robinson, principal adviser at the firm, said: “There is a lot of complexity and nuance that comes with sensible Financial Planning, and life-changing decisions shouldn’t be made off the back of a TikTok video, especially without further research.

“For anyone unsure of their financial future or wanting to have an effective plan for their retirement, it’s worth speaking to a qualified financial advisor - not someone they came across on TikTok.”

The 150 videos analysed by the advice firm covered a range of topic areas such as tax advice, pension tips and retirement planning to uncover the scale of the influencer problem.

The creators behind the videos studied have a combined view count of 78.6m views, and the accounts studied had over 28m followers when combined.

Almond Financial analysed some of the top-performing videos across a range of relevant financial advice hashtags on TikTok. These included #taxadvice, #pensionplanning, #retirementadvice, #investmentadvice and #pension tips.

Almond Financial is a Lincoln-based Financial Planning firm founded in 2016. The firm is an appointed representative of Quilter.