Key points
  • Nearly half of Australians, especially Gen Z, follow financial content on social media according to ING research.
  • Platforms like TikTok and Instagram give young Australians practical money-management tools.
  • Social media both educates and pressures young people, creating financial stress and unrealistic expectations.

New research from ING shows that almost half of Australians say social media has influenced their purchasing decisions, while 41% or 8.9 million Aussies actively follow financial content on social platforms.

The biggest fans? Younger Australians engage with online financial content at triple the rate of other age groups.

More than 2.25 million Gen Z Australians now turn to social media for financial advice, outpacing traditional sources like parents, friends, and financial advisors.

Social media is changing the way young Australians learn about money, providing access to financial information and sparking conversations that are often missing from schools or family homes.

This research was conducted ahead of the teenager social media ban which took effect last week.

Budget hacks vs financial pressure

ING's research highlights that platforms like Instagram, TikTok, and YouTube are giving Gen Z practical tools to manage their finances.

Among the most popular strategies are:

  • Conducting "subscription audits" to cut unnecessary recurring costs (21%)
  • Using the "48-hour rule" to curb impulse spending (16%)
  • Practising "loud budgeting", or sharing budgeting goals publicly to stay accountable (15%)
  • "Deinfluencing", or avoiding impulsive purchases promoted online (13%)

Experts say this kind of engagement is helping demystify financial concepts that were once reserved for professionals, empowering young Australians to make smarter money decisions earlier in life.

At the same time, social media can heighten financial stress and create unrealistic expectations.

More than a third of Gen Z (38%) report feeling constant pressure to achieve financial success.

Online comparisons also take a toll: 21% of young Australians regularly measure their money journey against curated posts, while 15% feel pushed into side hustles they wouldn't otherwise choose.

Matt Bowen, Head of Consumer and Market Insights at ING, said that while social media can teach young Australians about money, it also fuels unrealistic expectations and risky financial behaviors.

"While digital channels open vital conversations and introduce valuable budgeting concepts, they can also expose young people to aspirational content that can amplify unrealistic expectations, high-risk trends, and financial comparison," he said.

Speaking on the Savings Tip Jar podcast, Deline Jacovides, founder of Mazi Wealth, said it's important to question the intent behind any financial advice you see on social media.

"Social media is definitely a highlight reel, so just be aware of that. When you are taking money advice from social media, I think you really need to pause and ask yourself: What is the incentive from the person that is selling you that advice?" she said.

"A good question to start with is asking yourself: are they educating me, or are they selling me something?"

Listen to the full podcast with Deline Jacovides, founder of Mazi Wealth.