Story perspectives

63% of Gen Z Seek Financial Advice on Social Media

3/17/2026

Summary

Story summary

MoneySmart, the consumer finance arm of the Australian Securities and Investments Commission (ASIC), reports that 63% of Gen Z rely on social media for financial advice.
Trust levels are mixed, with 56% trusting social media and 64% trusting AI.
ASIC warns that young investors face risks from unverified sources, especially in cryptocurrency, where 23% own crypto and 66% adopt a speculative approach.
ASIC emphasizes consulting credible sources for financial decisions.

History

Historical Context

Established in 1991, the Australian Securities and Investments Commission (ASIC) regulates financial markets to ensure integrity and consumer protection. The 2001 Corporations Act modernized securities law, mandating disclosure and licensing. Today, 63% of Gen Z seek financial advice via social media, despite only 56% trusting these platforms, highlighting the urgent need for robust regulatory frameworks in the evolving digital finance landscape.

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Story summary

MoneySmart, the consumer finance arm of the Australian Securities and Investments Commission (ASIC), reports that 63% of Gen Z rely on social media for financial advice.
Trust levels are mixed, with 56% trusting social media and 64% trusting AI.
ASIC warns that young investors face risks from unverified sources, especially in cryptocurrency, where 23% own crypto and 66% adopt a speculative approach.
ASIC emphasizes consulting credible sources for financial decisions.

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