The Australian Securities and Investments Commission (ASIC) on Monday urged young Australians to ‘sense-check’ financial information found online, publishing new research that shows 63% of Gen Z use social media and 18% use AI tools to make decisions about money.
The data comes from ASIC’s Moneysmart Gen Z Financial Behaviours Report 2026, based on a YouGov survey of 1,227 Australians aged 18 to 28 conducted in late 2025.
ASIC noted that any entity giving financial advice, including AI tools making recommendations based on individual circumstances, needs to be licensed under Australian law. This serves as a compliance signal for brokers, affiliates, and AI providers.
Crypto speculation
The research found 23% of Gen Z Australians own cryptocurrency. Of those owners, 66% take a speculative approach to at least some of their holdings, and 29% trade based on social media or influencer recommendations.
Some 72% of Gen Z reported seeing social media advertising for financial products in the past 12 months, while 41% said they had been contacted by someone offering investment help.
“While Gen Z value credibility when seeking financial advice, what they see on social media is usually shaped by algorithms that are designed to drive clicks and views rather than providing accurate information,” said ASIC Commissioner Alan Kirkland.
Kirkland said that trust in AI was one of the “most surprising findings” of the research. The report found 64% of Gen Z respondents said they somewhat or completely trust AI platforms for financial information.
The release follows a pattern of regulatory attention on online financial promotion. In June 2025, ASIC issued warning notices to 18 influencers suspected of unlawfully promoting high-risk financial products and providing unlicensed financial advice.
The regulator also flagged concerns about social media ads targeting young Australians into switching their superannuation, a $4.5 trillion retirement pool, into risky or inappropriate investments.
