ASIC launches new tools to save Gen Z from dodgy money advice

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A recent survey by McCrindle Research shows almost half of Generation Z turn to TikTok and Instagram to teach themselves new things, a much higher proportion than older generations.


“These visually rich platforms have become integral in fostering learning and knowledge-sharing among Gen Z, providing bite-sized, engaging content that resonates with their learning style,” said McCrindle’s social researcher Ashley Fell.

The money management tools are part of ASIC’s “In the time it takes” campaign promoted through its social media channels.

“Learning how to plan and save, and deal with their expenses, sets up young Aussies for their future,” Day said.

“We hope this campaign, through its practical tips, will help people feel more in control of their financial lives.”

After nominating social media as the first go-to for information on money, most young adults say they are most likely to turn to a trusted family member for advice on their finances. Kitchen table conversations between parents and their children could play an important role, Day said.

That includes parents not only sharing what they have got right about their finances, but what lessons they have learnt about money.

The regulator’s latest campaign that aims its messaging at specific groups follows its placing of advertising before each screening of Dumb Money, a film on the GameStop short squeeze incident of 2021, which opened in cinemas last month.

Films such as Dumb Money can glamourise risky investing, with the regulator’s advertising reminding the audience of the risks involved.

Crypto scams and apps that seek to “gamify” share trading are also on ASIC’s priority list, alongside its ongoing crackdown on finfluencers.

  • Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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