Majority of Young Australians Turning to ‘Finfluencers’ for Investment Advice

One in five are also relying on AI for guidance on where to put their money.

Australian dollars coins in Melbourne, Australia, on April 4, 2024. AAP Image/Joel Carrett

A large majority of young Aussies aged between 18 and 24—typically referred to as Gen Z—are relying on online influencers and artificial intelligence for advice on financial investments, a new survey has revealed.

Two-thirds of young Australians are turning to “finfluencers,” and one in five to AI, according to the poll of 1,227 young people by YouGov, commissioned by the Australian Securities and Investments Commission (ASIC).

It revealed 63 percent of people in that age bracket had logged onto social media to seek financial advice, with 56 percent reporting that they somewhat or “completely trusted” the advice they received.

Just over half of respondents trusted “finfluencers” (financial influencers), while 30 percent used YouTube and 18 percent relied on AI.

But ASIC warns these sources can be unreliable.

“Financial information on social media and accessed through AI tools can be incomplete, promotional, or misleading,” ASIC Commissioner Alan Kirkland warned. “While Gen Z values credibility when seeking financial advice, the information they see most often is shaped by algorithms that are designed to drive clicks and views rather than providing accurate information.”

A Quarter of Gen Z Own Crypto

The study found that people in the 18-to-24 age bracket also sought reputable advice, with 60 percent reporting they used formal or professional sources.

Almost a quarter (23 percent) of Gen Z own cryptocurrency, and of those, 66 percent take a short-term speculative approach to at least some of their crypto investment, and 29 percent said they trade based on social media and influencer content or recommendations.

ASIC said that strategy set unrealistic expectations about returns, price volatility, and the realities of long-term investing.

Meanwhile, a Westpac survey of people in different age groups found that the 18 to 24 year old age group has an average of $13,069 and a median of $2,410 in savings, and that they tend to save mostly for property and travel, with some putting money aside for a rainy day.

A wider YouGov study found that 40 percent of Australians expect their financial situation to improve in 2026, while 28 percent expect it to worsen—a more optimistic outlook than was recorded in the United States or the UK.

Ensuring money for essential expenses is the top reason Australians budget (64 percent), followed by increasing savings (56 percent) and avoiding overspending (51 percent).

While the younger generation may have embraced automation, manual tools remain dominant across the broader age group, with 45 percent of Australians using spreadsheets to manage their budgets.

Among people who expect their finances to worsen, 63 percent plan to cut spending on eating or drinking out.

Free, reliable, and independent guidance on investing is available through ASIC’s Moneysmart website.