Everyone says, but very few actually do.
It's basically a polite way of telling someone
that what they're going through sucks but it's not your problem
Now, if you ACTUALLY keep the person in your
thoughts and prayers, AND make at least some effort to help them, then you're using this phrase with meaning. But most people use this phrase to politely say they don't
give a damn about what you're going through.
The Correct Usage:
Jake:
My Mom died.
Dan: Thoughts and Prayers for you guys
Jake: Dude is that really all you can give me?
Dan: No, I actually mean it, we can talk about it whenever you want and I'm always here for you. I had something similar happen
a while ago.
Wrong Usage
Jake:
My Mom DiedDan: Thoughts and Prayers
Jake: Is that all you've got to help?
Dan: Yeah, I'm going through some tough crap too, my Instagram account got locked