Young Queenslanders look to ‘finfluencers’ for financial advice

It was tied second with using financial websites and blogs, while speaking to a family member, friend or colleague was the first port of call for money advice by 54% of the age group. 

The findings come as almost one in five (19.6%) respondents aged 18-34 said they felt like they knew less about financial matters than most people, compared to one in 10 of those aged 50-64.

RACQ Bank Spokesperson Melissa McGrath said while the level of perceived financial literacy is a concern, the research highlighted that this age group was the most interested in enhancing their financial acumen. 

“It’s promising that 76% of 18-34-year-olds are moderately or very interested in expanding their financial knowledge and confidence,” Ms McGrath said.

“However, many younger people are turning to what is often unregulated financial and investment advice from financial influencers or ‘finfluencers’ on social media, instead of reaching out to financial advisors.

“The survey results found that only around 20% of that age group had consulted a professional financial advisor or planner for advice or information.”

Ms McGrath warned younger Queenslanders of the risks of relying on social media for financial information. 

“While cost of living pressures grow, it was understandable that people turned to social media for money advice in a format that was readily available and easily consumed,” she said.

“However, in doing so, people may be more vulnerable to scams, phishing and risky financial decisions.” 

To provide another avenue of trustworthy financial advice for Queenslanders, RACQ Bank has recently launched a new member event aimed at improving financial resilience. 

“Our member event is launching during Privacy Awareness Week and will help educate our members on financial safety and scam awareness,” Ms McGrath said.

“The free event will cover important topics such as common scam types, how to identify a scam and how to protect your personal information.

“Members are encouraged to book tickets online and join us at any of our three event locations around Brisbane.”

To book your tickets or find out more, visit Privacy Awareness – RACQ member event | RACQ.