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Social Media Sways Almost Half Of Aussies To Shop Differently
Social Media's Growing Influence on Aussie Shopping Habits
Social media is no longer just about sharing selfies and memes – it's increasingly shaping financial habits. According to a recent study by ING Australia, 49% of Australians now say social media has a direct influence on their purchasing decisions. With 41% of the population actively following financial content, it seems the digital age is transforming the way Aussies approach their spending.
Conducted by YouGov between August 21 and 27, 2025, the study surveyed 2,366 Australians aged 18 and up. The data highlights a significant shift, especially among younger generations, towards seeking financial advice and tips through online platforms. "Our research clearly shows that social media has become an undeniable force in shaping how Australians, especially younger generations, engage with money," noted Matt Bowen, head of consumer and market insights at ING.
Gen Z and Millennials Leading the Charge
The younger crowd, particularly Gen Z, are at the forefront of this trend. A substantial 40% of Gen Z individuals turn to social media for financial advice, with over a quarter (28%) following 'finfluencers.' Meanwhile, 16% have even acted on the advice they've received online. This shift sees more than 2.25 million Gen Z Australians relying on social media for money matters, outpacing traditional sources like financial advisers.
Millennials aren't far behind. About 31% of this group admit to using social channels for financial literacy and advice. However, older generations remain more cautious. Only 11% of Gen X and a mere 2% of Baby Boomers engage with social media for financial tips, showcasing the generational divide in adopting digital financial tools.
Navigating the Social Media Financial Landscape
While social media opens up new avenues for financial literacy, it doesn't come without its pitfalls. The rise of 'finfluencers' has caught the attention of regulators, concerned with the potential of unlicensed and risky financial advice spreading unchecked online. "It’s important that consumers separate fun from fact when it comes to finfluencer content," warned ASIC commissioner Alan Kirkland.
To help Australians make informed choices, ING suggests several strategies. Verify the credibility of online sources, cross-check advice with multiple trusted outlets, and ensure any advice aligns with personal financial goals. Importantly, always consider seeking guidance from licensed professionals for more complex financial decisions.
Regulatory Crackdown on Unlicensed Advisors
Concerns are mounting over the activities of unlicensed advisors on social media, prompting a global crackdown led by financial regulators. The crackdown aims to address the spread of unauthorized financial advice, which has led to actions such as arrests and website takedowns. Last year, the Property Investors Council of Australia raised red flags about the increasing number of brokers and agents offering dubious advice online.
This surge in 'get rich quick' schemes highlights the need for caution. ING's recommendations emphasize the importance of distinguishing between entertainment and genuine financial advice to ensure Australians can navigate the digital financial world safely and effectively.
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Author: Cole
