Gen Z Investors Rely Heavily on AI and Social Media for Financial Advice

The Australian Securities and Investments Commission (ASIC) has released a survey highlighting the growing trend of Gen Z investors turning to AI platforms and social media for financial advice.

The survey found that 23% of respondents aged 18-28 own digital assets, with 63% using social media to inform their investment decisions. Notably, 64% of participants trust AI platforms for financial guidance, a figure higher than those who rely on actual influencers (52%).

ASIC Commissioner Alan Kirkland emphasized the importance of regulation in the crypto market, citing concerns over unqualified advice and potential scams. He noted that Australia's $4.5 trillion superannuation market is a target for unscrupulous operators.

The regulator has already issued warning notices to 18 influencers suspected of promoting high-risk products without licenses. As the crypto market continues to grow, ASIC is keeping a close eye on AI tools and exchanges integrating personalized trading guidance.