Study: 30% of Bulgarians Suffer Losses from Unverified Online Investment Tips
Jerusalem, 13 November, 2025 (TPS-IL) -- Sofia (BTA) – Following unverified financial advice on the internet has led to the loss of money for 30 percent of Bulgarians, according to a study by Dynata, conducted on behalf of Revolut, the fintech company reported.
According to the survey, conducted in June among a representative sample of over 1,000 people from the Bulgarian population over the age of 18, 19 percent of those who suffered financial losses indicated that the lost funds amounted to up to 1,000 euros ($1,160).
In terms of financial advice, one in five respondents had followed online recommendations without negative results. On the other hand, 18 percent had never used advice from unknown online sources, and 22 percent said they had never invested, traded or sought financial advice.
There is a clear gender difference, with men showing a greater propensity for risk. 36 percent of men confirm that they have followed online financial advice that led to a loss, although most (25 percent) have suffered minor losses of less than €1,000, the report said.
Overall, almost 53 percent of respondents admit to making financial decisions without checking with a professional or trusted source, with 24 percent doing so occasionally, 6 percent often, and 23 percent rarely.
48 percent of respondents said they never follow online recommendations. Women (60 percent) are more cautious when it comes to trusting online financial advisors than men (36 percent), and never follow this type of advice without checking it out. Additionally, 33 percent of young people (aged 18–34) said they sometimes use this type of advice in the hope of increasing their wealth. Older generations, on the other hand, never seek out or use online financial advice as inspiration to save money or invest (52 percent).
Fear of fraud is the main obstacle to following online recommendations for 39 percent of respondents.
Other significant concerns among respondents include “pump and dump” schemes (12 percent), pyramid schemes (42 percent), and exaggerated or misleading claims (23 percent). These barriers vary by age and generation, the survey found.
Half of the respondents in the total sample (50 percent) are confident in their ability to distinguish between trustworthy and misleading financial advice online. However, moderate confidence is most common. The largest proportion of respondents (40 percent) responded that they were “somewhat confident” in their ability to recognize financial advice. 42 percent of the total sample indicated that they were not very confident or not at all confident in their ability to distinguish between financial advice.
Men (56 percent) are more confident than women (43 percent) in their ability to distinguish between trustworthy and misleading financial advice online. Women (53 percent) are slightly more likely than men (32 percent) to be not at all or not very confident.
