US EditionAlarm as Gen Z turns to 'finfluencers' for money advice
ASIC warns Gen Z that 56% trust social media financial advice despite risks of misleading content and urges use of independent resources like Moneysmart.
- A recent ASIC survey found two thirds of young people rely on social media for financial decisions, with one in five turning to AI platforms.
- Trust in finfluencers and AI is high, with 52 per cent trusting finfluencers, 64 per cent trusting artificial intelligence platforms, and 56 per cent trusting social media financial information.
- In the YouGov poll canvassing 1,227 young people, 30 per cent watched YouTube for money advice and 18 per cent relied on artificial intelligence tools, while 29 per cent traded on social media recommendations.
- ASIC Commissioner Alan Kirkland warned social media and AI-sourced financial information can be incomplete, promotional or misleading, and the financial watchdog said this creates unrealistic expectations about returns and volatility.
- The regulator urged Gen Z to use free, independent guidance on the Moneysmart website as 23 per cent own cryptocurrency and 66 per cent speculate short term.
11 Articles
11 Articles
Australian Regulator Warns Young Adults over AI Investment A
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Two-Thirds of Gen Z Rely on Social Media for Financial Advice, Raising ASIC Concerns
ASIC reports that 23% of Australians aged 18–28 now own cryptocurrency, highlighting Gen Z adoption. About 63% of Gen Z rely on social media as a main source of financial information. ASIC warns Gen Z relies on social media algorithms that favor clicks over accurate info. New research from the Australian Securities and Investments Commission (ASIC) shows that about one in four Australians aged 18 to 28 (23%) who are part of Gen Z own cryptocurre…
Australia warns on AI and finfluencers as Gen Z owns 23% of crypto
Australia’s financial regulator has published findings from a Gen Z money mindset study, highlighting how social media and artificial intelligence are shaping young investors’ approaches to money. The Australian Securities and Investments Commission (ASIC) released the results of a survey conducted between Nov. 28 and Dec. 10 last year, involving 1,127 respondents aged 18–28. The study shows that roughly one in four Gen Z individuals in Australi…
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