There’s something genuinely positive about the rise of financial content on social media. Money was, for a long time, a topic shrouded in silence, shame, and exclusivity. Anything that gets Australians talking about budgeting, investing, and superannuation is, in principle, a good thing.
The problem is what’s getting mixed in with the good stuff.
The scale of the shift
Nearly nine million Australians have now consumed financial content on social media. For Gen Z, social media has become the dominant source of financial guidance, with over 2.25 million young Australians turning to it for advice, surpassing both financial advisers at 1.4 million and parents or relatives at 2.2 million[1].
Research shows that social media plays a role in influencing financial product decisions for more than half of consumers[2], with platforms like TikTok and Instagram particularly influential when it comes to mortgages and credit cards.
That’s an enormous shift in where financial decisions are being shaped, and it’s happening faster than regulation can comfortably keep pace with. These platforms have enabled younger consumers to learn about finance through short-form video content, a trend sometimes referred to as #Fintok. However, this shift also brings risks of fragmented information and high-risk investments, prompting regulators to increase scrutiny, as seen with the Australian Securities and Investments Commission’s (ASIC) 2026 actions against finfluencers[3][4].
What the regulator is doing about it
ASIC has been watching closely. In April 2026, as part of the second Global Week of Action Against Unlawful Finfluencers involving 17 regulators globally, ASIC issued warning notices to four finfluencers suspected of providing unlicensed advice and promoting claims of guaranteed returns[5].
The concern is not just about individual bad actors. As ASIC Commissioner Alan Kirkland noted, what people see online is shaped by algorithms designed to drive clicks and engagement rather than accurate information, meaning consumers are increasingly exposed to biased or misleading content.
Under Australian law, finfluencers must hold an Australian Financial Services licence or operate as an authorised representative to legally provide financial product advice. If someone on social media promises easy money or guaranteed returns, there is a real risk that they are breaking the law, and followers could be the ones who lose money.
Red flags to watch for
Not all finfluencers operate unlawfully, and some provide genuinely useful, education-style content. The distinction matters. Here is what I tell my clients to watch for.
Guaranteed or unusually high returns are an immediate red flag. No legitimate investment strategy comes with guarantees. Lavish lifestyle imagery used to sell trading strategies, invitations to join paid “inner circles” or copy-trading groups, and a complete absence of any credential disclosures are all warning signs that the content is designed to profit from you, not educate you.
ING’s research highlights that social media platforms often amplify financial anxieties and create unrealistic expectations, with 38% of Gen Z reporting feeling constant pressure to be financially successful[6]. That pressure is being deliberately manufactured in many cases.
How to engage with financial content more safely
The first step is to check credentials. ASIC’s professional register tool at moneysmart.gov.au[7] lets you verify whether someone is licensed to provide financial product advice in Australia. If they aren’t listed, treat their content as entertainment, not guidance.
The second step is to treat social media as a starting point, never an endpoint. It can be a useful way to discover topics worth exploring further, but any financial decision of consequence, whether it involves investing, superannuation, debt, or insurance, deserves a proper conversation with someone who knows your personal situation.
That’s what a financial planner is for. Not to gatekeep information, but to make sure the advice you act on is built for you.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
[1] https://newsroom.ing.com.au/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/
[2] https://www.comparethemarket.com.au/news/new-spend-trend-half-of-aussies-purchasing-items-because-of-social-media/
[3] ASIC cracks down on unlawful finfluencers in global push against misconduct | ASIC
[4] ASIC cracks down on finfluencers giving unlicensed financial advice on social media platforms like TikTok and Instagram
[5] 26-081MR ASIC continues finfluencer crackdown alongside global regulators | ASIC
[6] 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 – ING Newsroom
[7] https://moneysmart.gov.au/
