Nearly 9 million Aussies have consumed financial content on social media, with Gen Z over three times as likely as Gen X and Baby Boomers to have done so

New research from ING has today revealed social media is a primary source of financial guidance for younger audiences looking to take control of their money.

ING’s new research indicates that nearly half of all Australians (49%) admit social media has directly influenced their purchasing decisions in the past, with 41% or 8.9 million Australians actively following financial content.

For younger Australians, this trend is even more pronounced, with Gen Z being the most likely generation (40%) more than Millennials (31%), Gen X (11%) and Baby Boomers (2%) to use social media for financial advice or information, and follow ‘finfluencers’ (28%) – with 16% having even acted on their advice.

Over 2.25m Gen Z Aussies get their financial advice or information from social media, rivalling traditional methods like financial advisors (1.4m), parents or relatives (2.2m) and friends (1.9m).

Social Media: Financial Friend or Foe?

This pervasive digital influence presents a real tension and highlights a significant gap in financial literacy and learning opportunities for younger Aussies, with a huge volume of people seeking free and accessible financial content.

The “Friend” – Empowering Education: 

Social media has democratised access to financial information, fostering conversations often absent from traditional schooling or family homes. The findings showed social media has unlocked practical money-saving strategies for young Aussies, like ‘deinfluencing’ (13% of Gen Z), ‘subscription audits’ (21% of Gen Z), the ’48-hour rule’ (16%), and ‘loud budgeting’ (15%)*. This engagement helps demystify financial concepts that were once the exclusive domain of professionals.

The “Foe” – Unrealistic Pressure: 

Simultaneously, these platforms amplify financial anxieties and unrealistic expectations. A significant 38% of Gen Z feel constant pressure to be financially successful, with 21% regularly comparing their financial journey to curated online portrayal, and 15% of Aussies even feel pressured to pursue side hustles they’d rather avoid.

Matt Bowen, Head of Consumer and Market Insights at ING, comments on the findings:

“Our research clearly shows that social media has become an undeniable force in shaping how Australians, especially younger generations, engage with money. While digital channels open vital conversations and introduce valuable budgeting concepts, they can also expose young people to aspirational content that can amplify unrealistic expectations, high-risk trends, and financial comparison.”

Navigating the Digital Financial Landscape

As Australia’s most recommended bank, ING is committed to fostering a pro-learning, pro-money education environment where barriers to talking about money are removed.

“At ING, we believe financial education should be accessible to everyone,” Bowen added. “We want to facilitate these essential conversations and demystify money topics, helping Australians of all ages, particularly young Aussies, navigate the complexities of digital financial content with confidence and critical thinking. It’s about building resilience and ensuring online engagement translates into sound financial choices, not just fleeting trends.”

ING’s Top Tips for Savvy Digital Financial Engagement:

1. Verify Credibility: Always question the source. Does the ‘finfluencer’ hold relevant credentials or qualifications? Are they licensed or authorised to provide financial product advice? Do they disclose conflicts of interest?
2. Look Beyond the Hype: Be wary of “get rich quick” schemes. Sustainable growth is built on sound principles, not instant gratification.
3. Cross-Reference and Research: Never rely on a single source. Validate information with multiple reputable and independent sources.
4. Understand Your Personal Goals: Filter advice through your own financial situation, risk tolerance, and long-term objectives. What works for one person may not work for you.
5. Distinguish Entertainment from Advice: Recognise that much social media content is engaging entertainment, not comprehensive financial planning.
6. Know When to Seek Professional Help: Social media is not a substitute for personalised financial advice. Consult a qualified, independent financial advisor for complex decisions.