Market Intel

ASIC: 56% of Gen Z trust social media for investment advice

Australia's financial regulator surveyed 1,227 18-28 year olds. Two-thirds use social media for investment decisions, one in five rely on AI tools, and 52% trust finfluencers. ASIC Commissioner Alan Kirkland warns algorithms prioritise clicks over accuracy, putting young investors at risk.

OnTargetIsh Team · · 2 min read
ASIC: 56% of Gen Z trust social media for investment advice

ASIC: 56% of Gen Z trust social media for investment advice

Australia's corporate regulator has flagged a problem: young investors are taking financial advice from algorithms designed to generate engagement, not returns.

ASIC surveyed 1,227 gen Z respondents (18-28 year olds) through YouGov. The numbers: 63% use social media to seek financial advice, 56% somewhat or completely trust that information, and 52% trust finfluencers specifically.

The platform breakdown: 30% watch YouTube videos for investment guidance, 18% rely on AI tools. Overall trust in AI platforms sits at 64%.

Why this matters for sales teams

If you are selling fintech, investment platforms, or financial services to this demographic, your buyers are getting their information from TikTok and ChatGPT before they talk to your AEs.

ASIC Commissioner Alan Kirkland put it plainly: "Financial information on social media and accessed through AI tools can be incomplete, promotional or misleading. While gen Z value credibility when seeking financial advice, the information they see most often is shaped by algorithms that are designed to drive clicks and views rather than providing accurate information."

ASIC operates with a 2024-25 budget of approximately $667 million and 2,500 staff across Sydney, Melbourne, Brisbane, Perth, and Adelaide. The regulator has been active on crypto and finfluencer enforcement: separate data shows 24% of gen Z have invested in crypto, with 30% influenced by social media.

What sales teams should know

If your target buyers are under 30, they are doing discovery on platforms your marketing team probably is not tracking. Your competitors might be showing up in YouTube videos and AI chatbot responses while your content sits in a PDF on your website.

ASIC does not run a sales org or have a CRO, it is a government regulator. But this data matters for anyone selling to young professionals or building go-to-market around financial products. The buying journey has moved to platforms optimised for virality, not accuracy.

Worth noting: ASIC is reviewing financial advice licensees using lead generation services in February 2026. If you are running lead gen in this space, that review is coming.

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