ASIC warns Gen Z against relying on finfluencers and AI advice

Australia’s financial regulator has urged young investors not to rely on social media influencers and artificial intelligence chatbots to make financial decisions. ASIC posted the results of a survey finding Gen Z places high trust in "often unreliable sources," which it said has contributed to riskier financial choices.

"Moneysmart’s Gen Z study found that while Gen Z has a strong appetite for reputable and trustworthy financial content, many struggle to find it – and their search often leads them to sources designed for engagement rather than accuracy," the regulator said. The survey of 1,127 respondents aged 18 to 28, conducted between Nov.

28 and Dec. 10, found 63% use social media for financial information, 18% use AI platforms and 30% use YouTube. It also found 56% "somewhat or completely trust" financial information on social media, 52% trust "finfluencers," and AI was the most trusted at 64% among Zoomers.

Australia

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