Mortgage brokers dealing with younger first-home buyers and emerging property investors are increasingly competing with TikTok, YouTube, and AI chatbots for financial mindshare, as new ASIC research shows just how heavily Gen Z relies on online content for money decisions.
Moneysmart’s Gen Z study found 63% of 18–28-year-olds use social media for financial information and guidance, with 30% turning to YouTube and 18% using AI platforms. More than half say they somewhat or completely trust financial information on social media and from “finfluencers”, while 64% say they trust AI platforms.
ASIC commissioner Alan Kirkland (pictured) said social platforms and AI tools are now central to how many young Australians approach their finances.
“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,” Kirkland said.
The regulator is particularly concerned that what Gen Z sees online is “usually shaped by algorithms that are designed to drive clicks and views rather than providing accurate information.”
While 60% of respondents also reported using formal or professional sources and half turn to family and friends, social media remains a dominant influence even when young people recognise its limitations.
ASIC warns that “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.” That risk extends beyond investing to areas such as credit, debt consolidation and managing mortgage rates.
Almost one in four Gen Z respondents (23%) own cryptocurrency. Of these young investors, 66% take a short-term or speculative approach to at least some of their holdings, and 29% say they trade based on social media and influencer content or recommendations.
Kirkland cautioned that “short-term or speculative trading based on what’s popular online carries real risks, particularly in volatile markets like crypto.” For brokers, those behaviours can feed through into balance sheets, deposit sources, and overall risk profiles when assessing home loans.
ASIC is urging Gen Z to pause and “sense check” what they see online against trusted, evidence-based sources, pointing younger Australians to free guidance on the Moneysmart website. Top of Form
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