Australian Securities and Investments Commission: 23% of Gen Z holds cryptocurrency, with 29% trading based on social media and other content

TechubNews

2026-03-16 07:03:05

Abstract generation in progress

Techub News reports that the Australian Securities and Investments Commission (ASIC) has urged young investors not to rely on social media influencers and AI chatbots for financial decision-making. The financial regulator’s survey shows that Generation Z has a high level of trust in “often unreliable information sources,” leading them to make riskier financial choices.

The latest survey was conducted from November 28 to December 10 last year, with 1,127 respondents aged 18 to 28. Results indicate that 63% of this group use social media for financial information and guidance, 18% use AI platforms, and 30% specifically use YouTube. The survey also found that 56% of Generation Z say they “somewhat or fully trust” financial information on social media, and 52% share the same view of “financial influencers” (i.e., social media personalities focused on finance or investing and appearing knowledgeable). Additionally, AI is the most trusted information source, supported by 64%. The survey further reveals that 23% of Australian Generation Z currently hold cryptocurrencies, with 29% trading based on social media and influencer content.

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