Australia warns of AI, ‘finfluencers’ as Gen Z crypto ownership hits 23%
Australia’s securities regulator said two-thirds of Gen Zs are using social media to make decisions about their financial future, leading to “riskier” financial decisions.
Australia’s financial regulator has urged young investors not to rely on social media influencers and artificial intelligence chatbots to make financial decisions, according to a study that also found that one in four “Gen Zs” invest in crypto.
The Australian Securities and Investments Commission (ASIC) posted the results of a survey on Sunday, finding that Gen Z has high levels of trust in “often unreliable sources,” which has contributed to riskier financial decisions.
“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,” said ASIC.