Taking financial advice from social media such as TikTok without proper due diligence can lead to uninformed decisions.
They’re young and the most stressed about money, but it’s not all doom and gloom for Gen Zs wanting to get savvy with their finances, as long as they don’t put too much trust in social media.
However, advice from social media influencers isn’t all it’s cracked up to be. A 2023 survey by advice-as-a-service platform Anni, with Antenna, an independent consumer research agency, found almost one in four have had a bad outcome based on advice from social media. The big downside of taking free advice is that finfluencers might not be licensed to provide advice that’s in your best interest.“The interactive and visual nature of social media platforms aligns with Gen Z’s preferences for quick, visual communication and the desire to stay socially engaged with peers and global communities.”
Financial watchdog ASIC has warned influencers on the laws regarding misleading or deceptive conduct, including the fact that they don’t need to be licensed to breach these provisions. Subsequently, ASIC has taken legal action against at least two finfluencers.While there is some protection in place for Australians under ASIC, Zhong adds, the pervasive reach of social media means that Australians can be influenced worldwide.
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