Gen Z borrowers increasingly look to online content for money management and financial decision-making
Social media is becoming a major channel for financial information among younger Australians, including those at the start of their home ownership journey, new research from ING suggests.
According to the findings, almost half of Australians (49%) say content on social platforms has directly shaped a purchase decision, while 41% – about 8.9 million people – follow accounts that provide financial content.
Gen Z stands out as the cohort most likely to look online for financial guidance. Forty percent of Gen Z respondents reported using social media for financial advice or information, compared with 31% of Millennials, 11% of Gen X and 2% of Baby Boomers. Around 28% of Gen Z follow so-called “finfluencers”, with 16% saying they have acted on guidance from these sources.
For Gen Zs, social media now rivals – and in some cases exceeds – more traditional channels. ING’s data indicates that more than 2.25 million Gen Z Australians obtain financial advice or information through social platforms, compared with 1.4 million who turn to financial advisers, 2.2 million who rely on parents or relatives, and 1.9 million who look to friends.
The research clearly points to a tension between the accessibility of online education and the risks of financial pressure and comparison, particularly for younger Australians with early-stage borrowing goals and limited experience of credit.
On the positive side, social platforms appear to be normalising conversations about budgeting and money management that may not take place at school or at home.
Respondents reported using concepts popularised online such as “deinfluencing” (adopted by 13% of Gen Z), “subscription audits” (21% of Gen Z), the “48‑hour rule” (16%) and “loud budgeting” (15%). These techniques are promoted as ways to curb discretionary spending and keep track of outgoings.
Deinfluencing refers to creators calling out overhyped products and encouraging more mindful spending. Subscription audits involve regularly checking and cancelling unused or unnecessary subscriptions to reduce ongoing costs. The 48-hour rule means waiting two days before making a non-essential purchase to help curb impulse buying, while loud budgeting is the practice of openly sharing financial goals and spending limits to stay accountable and normalise budget-conscious behaviour.
However, the research also highlights the psychological and behavioural risks associated with constant exposure to curated lifestyles and investment narratives. ING found that 38% of Gen Z feel ongoing pressure to be financially successful. About 21% said they regularly compare their own financial progress with what they see online, while 15% of Australians report feeling pressure to take on side hustles they would prefer to avoid.
Matt Bowen (pictured right), head of consumer and market insights at ING, said the data underlines the scale of social media’s role in how Australians think about money.
“Our research clearly shows that social media has become an undeniable force in shaping how Australians, especially younger generations, engage with money,” he explained. “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.
“At ING, we believe financial education should be accessible to everyone. We want to facilitate these essential conversations and demystify money topics, helping Australians of all ages, particularly young Aussies, navigate the complexities of digital financial content with confidence and critical thinking. It’s about building resilience and ensuring online engagement translates into sound financial choices, not just fleeting trends.”
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