Finfluencers and why you should swipe left

In the digital age, Gen Z seek financial guidance from social media, but not all advice is created equal. 

Key learnings covered in this topic

  1. Navigating financial advice in the social media era.
  2. Risks of following unqualified 'finfluencers' and how to protect your finances wisely.

Gen Z, you’re a young and adventurous bunch, eager to conquer the world, but unfortunately money is a constant stress. According to ASIC a whopping 82% of Aussies aged 18 to 26 are feeling the pinch. Luckily you're also super keen to learn about managing your finances. 

You’re device savvy, so where do financial explorers like you turn for guidance? The land of social media of course! YouTube, TikTok, Instagram – you name it, you're there, soaking up financial wisdom like sponges. But hold up, not all that glitters on the 'gram is gold.

A recent study has revealed that a quarter of Gen Z-ers faced financial turmoil after taking advice from social media. Turns out, free and easy advice can come with some nasty side effects. Imagine taking health tips from a self-proclaimed doctor who's never seen a stethoscope!

Associate Professor Angel Zhong warns that while social media can seem like a tempting source of financial advice, it's important to approach it with caution. Personal finance is unique to each individual, and advice that works for one person may not be suitable for another. 

As for those self-proclaimed 'finfluencers'. Sure, they might make complicated financial jargon sound fun and exciting, but not all influencers providing financial advice are qualified or licensed to do so. ASIC is closely monitoring these online influencers and taking action against any misleading or deceptive conduct.

So, what should you do to protect your hard-earned cash? It's essential you verify the credibility of sources, seek out qualified professionals for advice, and utilise reputable resources. And, why not check out our financial advice service? Our team's got your back. Experts can help you with sorting your super, learning how to invest and uncovering your risk appetite at no extra cost over the phone. And if you need advice beyond super, we've got you covered there too.

Book a call-back today.

Information correct as at 17 April 2024.