Australia’s ASIC Warns Gen Z Investors Against Relying on AI and Finfluencers for Crypto Decisions

The Australian Securities and Investments Commission (ASIC), through its Moneysmart program, is examining the financial behavior of Gen Z adults aged 18 to 28. Crypto assets are highly volatile, while social media algorithms and finfluencers often prioritize engagement and traffic. General-purpose AI may also provide inaccurate or unsuitable advice, and trading on unverified information can compound the risk of losses and fraud.

ASIC released a survey on March 16, 2026, showing that 23% of respondents owned crypto assets. Of those holders, 66% pursued short-term or speculative strategies at least in part, while 29% traded based on social media or finfluencer content. Overall, 63% used social media for financial information, 18% used AI and 64% trusted AI advice. The survey did not disclose the value of respondents’ holdings, and ASIC urged investors to cross-check information through reliable sources such as Moneysmart.