Two-Thirds of Gen Z Rely on Social Media for Financial Advice, Raising ASIC Concerns

• ASIC reports that 23% of Australians aged 18–28 now own cryptocurrency, highlighting Gen Z adoption.
• About 63% of Gen Z rely on social media as a main source of financial information.
• ASIC warns Gen Z relies on social media algorithms that favor clicks over accurate info.

New research from the Australian Securities and Investments Commission (ASIC) shows that about one in four Australians aged 18 to 28 (23%) who are part of Gen Z own cryptocurrency. While the figure highlights the growing adoption of digital assets among younger investors, the regulator says the trend raises concerns about how these individuals are making financial decisions.

The Numbers Behind the Problem

Nearly two-thirds of Gen Z respondents (63%) said they use social media as a primary source of financial information. 30% turn to YouTube, and 18% are using AI platforms to guide investment …

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