Scroll, Click… Risk? ASIC Warns Gen Z to ‘Sense Check’ Online Money Advice as Social Feeds Fuel Riskier Financial Choices

Are TikTok and AI fueling high-risk financial decisions? Here’s how to avoid costly mistakes.

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Young Australians are turning to TikTok, YouTube and AI tools for money advice more than ever — but Australia’s corporate watchdog says the trend is putting an entire generation at risk of making costly financial mistakes.

The Australian Securities and Investments Commission (ASIC) is calling on young Australians to take a more critical approach to the financial information they consume online, following new research revealing widespread reliance on social media and AI for money guidance.

Social Platforms Now a Primary Financial Source for Gen Z

ASIC’s Moneysmart Gen Z study shows that nearly two‑thirds of Australians aged 18–28 are turning to social media for financial information, with 30% using YouTube and 18% using AI tools to support decisions about their financial future.

While Gen Z expresses a strong desire for reputable and trustworthy financial content, many struggle to locate credible sources. Their search often leads instead to material built for engagement rather than accuracy.

More positively, 60% of respondents also use formal or professional information sources, and 50% consult family and friends when considering financial decisions. However, social media continues to dominate their information ecosystem — even when its limitations are understood.

Crypto Investing Highlighting Heightened Risk Exposure

The study found that 23% of Gen Z already hold cryptocurrency. Of these, 66% take a short‑term or speculative approach to at least part of their investment, and 29% buy or trade based on content from social media or influencers

Additionally, 24% of Gen Z crypto investors try to “pick a winner” by buying newly launched coins, while 15% admit they invest simply “for a bit of a punt.”

The exposure isn’t limited to organic content: nearly 72% of Gen Z have seen crypto investment advertising on social media in the last year, and 41% have been contacted by someone offering to help them invest

ASIC warns that relying on a narrow set of unverified sources — particularly those influenced by algorithms prioritizing virality over accuracy — heightens the risk of poor financial decisions in fast‑moving markets.

ASIC’s Message: Stop and ‘Sense‑Check’

ASIC Commissioner Alan Kirkland stressed the importance of balancing social and AI‑driven content with credible, evidence‑based financial information. He noted that while social platforms are a normal part of life, what users see is shaped by algorithms that exist to drive clicks — not ensure accuracy.

Kirkland warned that financial information circulating on social media or generated by AI tools may be incomplete, promotional, or misleading, which could lead to decisions Australians might later regret — especially in speculative markets like cryptocurrency.

ASIC reminds 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.

🔍 About Moneysmart and ASIC

Moneysmart is a Federal Government website, brought to you by the Australian Securities and Investments Commission (ASIC), the corporate, markets, financial services and consumer credit regulator in Australia.

ASIC is responsible for engaging with consumers and industry to promote confident and informed participation by investors and consumers in the financial system. The Moneysmart program provides information to help Australians to be in control of their financial lives.

Source of information: Australian Securities and Investments Commission (ASIC) media release "26-049MR ASIC urges Gen Z to ‘sense-check’ money advice as social media fuels riskier financial decisions" and the Moneysmart Gen Z study.

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