By https://www.facebook.com/SBSAustralia/
Publication Date: 2026-03-16 00:00:00
Short
- Nearly two in three respondents said they logged onto social media platforms to seek financial advice.
- According to ASIC, financial information on social media and accessed via AI tools can be incomplete, promotional or misleading.
Two thirds of young people rely on social media to make financial investment decisions, and one in five rely on artificial intelligence.
A survey of Generation Z (18 to 28 years old) released by the Australian Securities and Investments Commission (ASIC) found that 56 percent of respondents somewhat or completely trust financial information on social media.
Nearly two in three, 63 percent, said they logged onto social media platforms to seek financial advice.
In the survey of 1,227 young people, 30 percent said they watched YouTube videos and 18 percent relied on artificial intelligence tools to get advice about their money.
More than half of respondents, 52 percent, said they trust “Finfluencers” (financial influencers) and 64…