Almost one in three Australians is seeking financial advice from social media influences, according to new research.
Data from Compare Club found half of those aged 18-24 and 10 per cent of people aged over 55 use platforms like YouTube, Facebook, and TikTok for financial insights.
Experts warn that the rise of “finfluencers” — or financial influencers — could negatively impact how young people interact with money.
“Too many Australians are getting financial advice from unreliable sources like social media,” Financial Services Council chief executive Blake Briggs said.
“It’s impossible to tell who is providing good advice on social media and who isn’t. For the average Australian it’s very difficult to them to discern from what is good advice and what is not.”
Briggs said people were turning to social media at a concerning rate due to the high cost of financial assistance.
