Australia’s financial regulator, ASIC, has issued a stark warning to Gen Z investors about the risks of relying on artificial intelligence tools and social media finfluencers for cryptocurrency advice. A survey of Australians aged 18 to 28 revealed that 23% now own crypto, with 29% admitting they base trades on content from platforms like YouTube and social media.
Sixty-three percent use social media for financial information, and 52% trust online 'finfluencers.' Shockingly, 64% also express confidence in AI-generated investment guidance-despite its lack of regulatory oversight.
ASIC stresses that crypto investments carry higher risks than traditional assets and urges young investors to verify all advice through professional channels. The agency continues to monitor digital trends and has previously flagged influencers promoting high-risk products.