A growing number of young Australians are turning to social media creators for financial guidance.
About 30% of Australians, equivalent to 6 million people, now seek advice on spending, saving, and investing from online personalities, according to new research by comparison site Finder.
Notably, it’s the younger demographics that are most influenced, with a staggering 48% of Gen Z taking action on their finances based on recommendations from creators, compared to only 17% of Gen X.
It follows a recent report showing nearly 12 million young Australians are under financial strain amid the cost-of-living crisis.
Finder unveiled its list of Financial Figures of 2024, showcasing some of the nation’s most beloved and respected social media personalities, who are motivating individuals to take control of their finances.
Among these figures are Jessica Irvine, Canna Campbell, and Joel Gibson, whose top money-saving tips have resonated with audiences nationwide.
Chris Kohler, Queenie Tan, and Natasha Etschmann are also featured on the coveted list, recognised for their contributions to improving Australians’ financial literacy.
Taylor Blackburn, a personal finance expert at Finder, highlighted the positive impact of finance creators on financial literacy in Australia.
“From tips on how to save money at the checkout to how to get out of credit card debt, financial figures are inspiring a new generation,” Blackburn said.
“Social media may provide individuals with knowledge that was once out of their reach, empowering them to improve their financial future.”
The research further revealed that 13% of respondents were encouraged by social media personalities to save more money, while 9% were inspired to create a budget. Additionally, 9% reduced their spending, while 8% embarked on starting a side hustle.
Actions such as investing in shares or cryptocurrency (5%) and finding better deals on utilities or insurance (4%) were also spurred by the guidance provided by financial figures.
Blackburn emphasised that conversations about money are becoming less taboo in society.
“Millions are taking action as a direct result of advice they received on social media, but it’s still important to do your own research,” Blackburn said.
“What applies to one person may not apply to another so it’s important to check the experience and qualifications of people who supply financial advice on social media.”
