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Moneysmart, a financial advice service run by the Australian Securities and Investments Commission (ASIC), found that nearly two-thirds of Gen Zs (aged 18–28) use social media, and about one in five uses AI to make decisions about their financial future.
The study found that while Gen Z has a strong appetite for reputable and trustworthy financial content, many struggle to find it, with their search often leading them to sources designed for engagement rather than accuracy.
According to the survey, 63 per cent of respondents said they use social media for financial information and guidance, while 30 per cent use YouTube, and 18 per cent use AI platforms.
More than half of Gen Z say they somewhat or completely trust financial information on social media (56 per cent) and from ‘finfluencers’ (52 per cent), while 64 per cent say they trust AI platforms.
Encouragingly, however, 60 per cent also reported using formal or professional sources, and half (50 per cent) turn to family and friends.
“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,” ASIC commissioner Alan Kirkland said.
“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 provide accurate information.”
Crypto on the rise
ASIC warned that by using a narrow range of often unverified sources, young people may expose themselves to speculative products and increased financial risk.
The survey found that almost one in four Gen Z owns cryptocurrency (23 per cent). Of these individuals, 66 per cent take a short-term or speculative approach to at least some of their crypto investment, while 29 per cent said they trade based on social media and influencer content or recommendations.
Some 24 per cent of Gen Z crypto investors report trying to pick a winner by buying the latest new ‘coins’, and 15 per cent say they invest just for a “bit of a punt”.
Almost three-quarters of Gen Z (72 per cent) have seen social media advertising encouraging them to invest in crypto assets in the past 12 months, while two in five (41 per cent) have been contacted by someone offering to help them invest in crypto.
Kirkland added: “Short-term or speculative trading based on what’s popular online carries real risks, particularly in volatile markets like crypto.”
A trusted adviser
Although some are flocking to unverified sources of financial information, borrowers are increasingly using brokers for their market know-how and efficiency.
Research from the Finance Brokers Association of Australasia (FBAA) and CoreData, based on 1,007 investors and home owners surveyed in December 2025 and January 2026, found that over half of people choose brokers for their “experience and knowledge of the market”.
Some 43 per cent cite “convenience and savings”, while 57 per cent say they choose brokers because of their experience in the market.
The study also found that trust in brokers has risen. Trust in mortgage brokers – completely or to some extent – lifted from 71 to 74 per cent year on year, while trust in finance brokers eased slightly from 71 to 70 per cent.
Kirkland added: “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. Relying on it alone increases the risk of making a decision you may later regret.”
[Related: Cyber preparedness critical as brokers face rising attack risk]