Every day, Gen Z scrolls through money tips on TikTok and Instagram. Many of these tips come from so-called finfluencers. They make short videos that promise quick wealth with hacks, side hustles, or “passive income” tricks.
But much of this advice is risky or misleading. Research shows that only a small number of finfluencers have real financial training. Most focus on what gets views, not what keeps people safe with money.
According to a report by ASIC, several influencers were warned recently for giving financial advice without a license. Their posts reached millions of young people before regulators stepped in.
Why does Gen Z follow them? Surveys show that nearly 70% of young people say social media influences their financial decisions. TikTok is the top platform, followed by Instagram. In fact, more people under 30 turn to these apps for advice than to real financial advisors.
This shift comes with risks. Many young followers say they got into money trouble after acting on bad advice. Some have faced tax issues, debt, or even scams.
Still, not every creator is harmful. A few share useful tips on budgeting, saving, and investing for the long term. But because algorithms reward flashy posts, risky ideas often spread faster than careful, boring but reliable advice.
Experts warn that popularity does not equal trust. Just because someone has a million followers does not mean their money advice will work for you.
How Gen Z Can Stay Safe
- Check the source. Look for licensed professionals or people with financial training.
- Focus on basics. Saving, budgeting, and careful investing are more reliable than shortcuts.
- Get advice from trusted places. Family, banks, and certified advisors are safer than random influencers.
- Treat viral trends as entertainment. Not as financial guidance.
Bottom line: Gen Z loves relatable voices online, but when it comes to money, facts matter more than flashy content. Strong financial habits grow from trusted information-not from viral clips.
