Social media popular source of financial information for Gen Z

Members of Gen Z,  born between 1997 and 2012, are plugged into social media platforms to learn about personal finances and “take care of their financial futures in ways previous generations could not,” according to a survey by WallStreetZen.

Among a survey of 1,002 Americans aged 18 to 26, the stock research platform found that 76% of Gen Zers are getting their financial advice from social media platforms. Forty-two percent of respondents said that they obtain financial insights from TikTok, followed by 27% who learn about personal finance from YouTube. Other popular platforms are Reddit (14%), Instagram (10%), X (formerly known as Twitter, 4%) and Facebook (2%). Approximately 1% of the respondents also indicated “other.”

The WallStreetZen survey found that Gen Z has been actively learning about various financial topics on social media.

Among those who said that they are using social media to learn about finances, 81% said that they are using it to learn about saving and budgeting. They also are learning about passive income (63%), investing in the stock market (59%), retirement planning (34%), debt (26%), investing in cryptocurrency (24%), investing in real estate (22%) and investing in other assets (18%).

“Investing is a hot topic among Gen Zers, with a staggering 90% expressing interest in stocks, bonds and assets,” WallStreetZen said, adding that members see investing as “a crucial avenue for securing their financial future.”

Consumers who rely on social media for their advice can run into some issues, however. For example, 83% of the respondents said that they had encountered misleading information on the internet. WallStreetZen called the finding “alarming.”

“It is evident that Gen Z’s financial education should be a blend of digital and conventional financial learning. Combining the strengths of both worlds — leveraging the accessibility and diversity of social media alongside the depth and expertise of established financial institutions and educators — is key to achieving the financial success that this generation seeks,” the company said.