Finfluencer usage drops on back of ASIC crackdown
BY VOSTRO PRIVATE WEALTH
The bank’s Investor Insight study of over 1,000 Australian investors found the number of people seeking investment advice from social media has fallen from 19 per cent last year to 13 per cent. This is particularly dramatic for investors in the Gen Z demographic, where it fell by 45 per cent from 37 per cent in 2022 to 20 per cent this year. For millennials, it has fallen from 26 per cent to 19 per cent.
The most popular sources of investment information are market research/industry reports at 36 per cent, company reports at 33 per cent and financial advisers at 31 per cent. There has been a recent crackdown on finfluencers, with ASIC stating last year that finfluencers now need to have an Australian Financial Services licence (AFSL) if they want to carry on a business providing financial advice.
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