Overview
- An ASIC Moneysmart survey of 1,127 Australians aged 18–28 found 63% use social platforms for financial information and 18% use AI tools.
- Trust levels are high, with 56% trusting financial content on social media, 52% trusting finfluencers, and 64% trusting AI platforms.
- About 23% of Gen Z reported owning cryptocurrency, and 66% of those holders take short-term or speculative approaches.
- Nearly 29% of young crypto investors trade based on influencer or social media recommendations, which ASIC says are often shaped by engagement-driven algorithms.
- Exposure to crypto promotions is widespread, with 72% seeing ads in the past year and 41% directly approached, and ASIC is directing users to Moneysmart for independent guidance.