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New research from ING Australia has revealed the influence that social media plays in the decision-making process of consumers, with younger generations increasingly turning to online platforms for financial tips and advice.
The research – commissioned by ING and undertaken online by YouGov between 21 and 27 August 2025 – gathered feedback from 2,366 Australians aged 18 years and older and found that 49 per cent of Australians said social media has directly influenced their purchasing decisions.
Meanwhile, 41 per cent – or around 8.9 million people (when extrapolated across the adult population of Australia) – actively follow financial content online.
The trend was most pronounced among Gen Z (those born between 1997 and 2012), with two-fifths (40 per cent) using social media for financial advice or information.
More than a quarter of Gen Z (28 per cent) said they follow ‘finfluencers’, with 16 per cent adding that they had acted on advice received through these channels.
In total, more than 2.25 million Gen Z Australians now rely on social media for financial information, rivalling traditional sources such as financial advisers (1.4 million), parents or relatives (2.2 million), and friends (1.9 million).
Millennials (those born between 1981 and 1996) were also found to be strong users of social media for financial literacy and advice, with 31 per cent stating they followed social accounts for this information.
Older generations are less likely to use social media for financial advice, with 11 per cent of Gen X (those born between 1965 and 1980) doing so, and just 2 per cent of Baby Boomers (those born between 1946 and 1964) using social media for financial literacy information or advice.
The non-major bank said that while social media has helped democratise access to financial information and popularise money-saving strategies (such as ‘deinfluencing’, subscription audits, the 48-hour rule, and ‘loud budgeting’), it has also amplified financial pressure and comparison and could open consumers up to high-risk trends without necessary guardrails.
According to the survey, 38 per cent of Gen Z feel constant pressure to be financially successful, and 21 per cent regularly compare their financial journey to curated online portrayals.
Speaking of the findings, Matt Bowen, head of consumer and market insights at ING, said social media’s influence on Australians’ financial behaviour was now undeniable.
“Our research clearly shows that social media has become an undeniable force in shaping how Australians, especially younger generations, engage with money,” he said.
“While digital channels open vital conversations and introduce valuable budgeting concepts, they can also expose young people to aspirational content that can amplify unrealistic expectations, high-risk trends, and financial comparison.”
Bowen said ING aims to support “accessible” financial education and help facilitate and demystify money topics to help Australians of all ages, particularly young Aussies, “navigate the complexities of digital financial content with confidence and critical thinking”.
“It’s about building resilience and ensuring online engagement translates into sound financial choices, not just fleeting trends,” Bowen added.
As such, the bank has put forward a range of tips to help consumers navigate financial literacy and advice content online.
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Verify credibility: Check whether the source has relevant credentials, licensing, and discloses conflicts of interest.
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Look beyond the hype: Be cautious of “get rich quick” claims and prioritise sustainable, principle-based growth.
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Cross-check information: Validate advice using multiple reputable and independent sources.
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Apply it to your goals: Assess any advice against your own financial situation, risk tolerance ,and long-term objectives.
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Separate entertainment from advice: Remember most social media content is designed to engage, not provide comprehensive financial planning.
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Seek professional guidance: Use qualified, independent advisers for personalised or complex financial decisions.
Finfluencer reach in the spotlight
The research comes amid rising concern from regulators about ‘finfluencers’ and whether online content is crossing into unlicensed financial advice.
The financial services regulator last year joined regulators in the UK, UAE, Italy, Hong Kong, and Canada in a co-ordinated global crackdown on unauthorised finfluencer activity, involving arrests, warning notices, website take-downs, and enforcement action.
At the time, ASIC commissioner Alan Kirkland warned consumers and industry participants to be cautious about the content they engage with online.
“Regulators across the world have joined forces to disrupt unlawful finfluencer activity,” he said.
“It’s important that consumers separate fun from fact when it comes to finfluencer content. Popularity doesn’t equal credibility. Check their credentials and whether they’re licensed or authorised, before checking your money out.”
Concerns have also been rising about the emergence of unlicensed advice strategies being flogged on social media by buyer’s agents.
Last year, the Property Investors Council of Australia (PICA) sounded the alarm over a growing number of agents, brokers, and accountants offering ‘get rich quick’ advice on social platforms who prey on the vulnerabilities of uneducated investors who want to build significant wealth fast.
As an example, it flagged that some investors may be looking to borrow through trusts as a means of circumventing servicing buffers, which has led several lenders to pull back on lending in this space.
[Related: Regulators crack down on ‘finfluencers’]