63% of Gen Z respondents (aged 18–28) said they use social media for financial information and guidance, while 30% use YouTube and 18% use AI platforms.
More than half of Gen Z say they somewhat or completely trust financial information on social media (56%) and from ‘finfluencers’ (52%), while 64% say they trust AI platforms.
Encouragingly, 60% also reported using formal or professional sources, and half (50%) turn to family and friends.
The survey found that almost one in four Gen Z own cryptocurrency (23%).
Of these individuals, 66% take a short-term speculative approach to at least some of their crypto investment, while 29% said they trade based on social media and influencer content or recommendations.
24% of Gen Z crypto investors report trying to pick a winner by buying the latest new ‘coins’ and 15% say they invest just for a ‘bit of a punt’.
Almost three-quarters of Gen Z (72%) have seen social media advertising encouraging them to invest in crypto assets in the past 12 months, while two in five (41%) have been contacted by someone offering to help them invest in crypto.
Relying on it alone increases the risk of making a decision you may later regret.
Short-term or speculative trading based on what’s popular online carries real risks, particularly in volatile markets like crypto.
‘Social media is part of everyday life, but when drawing upon it for important decisions it’s important to make sure it’s balanced by credible sources of information.’
‘While Gen Z value credibility when seeking financial advice, what they see on social media is usually shaped by algorithms that are designed to drive clicks and views rather than providing accurate information.’
Anyone considering making a financial decision based on information they have seen online should take a moment to sense check and compare it with trusted, evidence-based sources.
Financial information on social media and accessed through AI tools can be incomplete, promotional or misleading.
ASIC warns that relying on a narrow range of sources – particularly unverified or promotional content – can increase financial risk, especially in an environment where markets and online trends move quickly and information is rarely tailored to individual circumstances.
Moneysmart provides free, independent and reliable information that can help Australians of all ages make informed choices and avoid unnecessary financial risk.
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