Corporate regulator ASIC is urging young Australians to ‘sense check’ the information they see online, as new research shows nearly two thirds of Gen Zs are using social media and about one in five are using AI to make decisions about their financial future.
In a media release, ASIC says, ‘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’.
‘High levels of trust in often unreliable sources by some young Australians is contributing to riskier financial decisions such as investment in cryptocurrency based on limited or unproven information.
- ‘63% of Gen Z respondents (aged 18–28) said they use social media for financial information and guidance, while 30% use YouTube and 18% use AI platforms.
- ‘More than half of Gen Z say they somewhat or completely trust financial information on social media (56%) and from ‘finfluencers’ (52%), while 64% say they trust AI platforms.
- ‘Encouragingly, 60% also reported using formal or professional sources, and half (50%) turn to family and friends. But the survey highlights that social media remains a dominant influence, even when young people recognise its limitations.
Gen Z trust in financial sources
‘ASIC warns that relying on a narrow range of sources – particularly unverified or promotional content – can increase financial risk, especially in an environment where markets and online trends move quickly and information is rarely tailored to individual circumstances.
- ‘The survey found that almost one in four Gen Z own cryptocurrency (23%). Of these individuals, 66% take a short-term/speculative approach to at least some of their crypto investment, while 29% said they trade based on social media and influencer content or recommendations.
- ‘24% of Gen Z crypto investors report trying to pick a winner by buying the latest new ‘coins’ and 15% say they invest just for a ‘bit of a punt’.
- ‘Almost three-quarters of Gen Z (72%) have seen social media advertising encouraging them to invest in crypto assets in the past 12 months, while two in five (41%) have been contacted by someone offering to help them invest in crypto.
Gen Z crypto ownership and behaviour
‘ASIC warns that owing to fundamental differences between cryptocurrency and other forms of investment, it may set unrealistic expectations about returns, price volatility and the realities of long-term investing.
‘ASIC encourages young Australians who seek information from social media influencers and content to balance what they see with reputable, evidence-based sources. This means taking a moment to pause, sense-check and verify financial claims with further research before acting on them – particularly when content is delivered by commercial platforms or people who may be profiting from their recommendations.
‘ASIC is reminding Gen Z that free, reliable and independent guidance is available through the Moneysmart website, which has tools and information on budgeting, investing, superannuation, scams and other major financial decisions.
ASIC Commissioner Alan Kirkland said, ‘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’.
‘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 providing accurate information.
‘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.
‘Short-term or speculative trading based on what’s popular online carries real risks, particularly in volatile markets like crypto.
‘Luckily there is a place you can go for guidance you can trust. Moneysmart provides free, independent and reliable information that can help Australians of all ages make informed choices and avoid unnecessary financial risk.’
Downloads
- ASIC Moneysmart Gen Z Financial Behaviours Report 2026 (PDF 700 KB)
- Infographic: Gen Z crypto ownership and behaviour (PDF 202 KB)
- Infographic: Gen Z trust in financial sources (PDF 3 MB)
‘About the survey – ASIC commissioned YouGov to conduct the survey. It was conducted online between 28 November and 10 December 2025. The sample is comprised of a nationally representative sample of 1,127 Australians aged 18 to 28’.
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