Online financial content creators take hold of Gen Z

New research from Finder has found the number of Australians turning to ‘finfluencers’ or social media financial content creators for advice on how to manage their finances, investments and savings is rising exponentially.

This comes despite the latest move from the Australian Securities and Investments Commission (ASIC) to warn consumers of the dangers of liaising with “unlicensed” financial services professionals, after the watchdog made an example out of social media personality Tyson Robert Scholz.

The survey of 1,063 people conducted by Finder found 30 per cent of them have been “influenced” by a social media personality to either save more money, create a budget, reduce spending, start a side hustle, invest in shares or cryptocurrency, find a better deal on utilities or insurance, ask for a raise, or shop around for cheaper petrol.

Just under 50 per cent of those who responded that they had been “influenced” belonged to Generation Z, compared to only 17 per cent of Generation X.

Taylor Blackburn, personal finance expert at Finder, said online financial creators can help to improve financial literacy in Australia.

“From tips on how to save money at the checkout to how to get out of credit card debt, financial figures are inspiring a new generation,” he said.

“Social media may provide individuals with knowledge that was once out of their reach, empowering them to improve their financial future. Millions are taking action as a direct result of advice they received on social media, but it’s still important to do your own research.

“What applies to one person may not apply to another so it’s important to check the experience and qualifications of people who supply financial advice on social media.”