A new survey by Compare Club reveals that one in three Australians rely on social media for financial advice.
Almost half of young Australians aged 18-24 and 10% of those over 55 turns to platforms like YouTube, Facebook, and TikTok for financial guidance.
Experts caution that social media may expose users, particularly young people, to unreliable or fraudulent financial advice.
Financial Services Council CEO Blake Briggs expressed concerns about the lack of clarity regarding trustworthy advice on these platforms.
Briggs attributes the growing reliance on social media for financial counseling to the high fees charged by traditional financial advisors.
The cost of professional financial advice or consultation typically ranges from $3,500 to $7,000, making it inaccessible to many.
