Young Australians turn to AI for money advice more than financial planners
24% of Australian investors aged 18-29 sought AI advice last year, outpacing the 19% who consulted a financial planner.
For the first time, more young investors in Australia get money tips from AI than from financial advisers. The Australian Securities Exchange found 24% of 18-29-year-olds used AI for money advice last year.
Just 19% used a financial planner. Gen Z grew up through financial crises and rising house prices.
So direct investing in shares and funds became their main way to build wealth. The catch is they start young with little experience and smaller safety nets.
Chatbots are free and always there, but not licensed. No one answers for them.
They sit outside Australia's complaints and compensation schemes. One in four users acted on AI advice without checking it first.
- 24 per cent aged 18-29
- Young Australians using AI for advice
- 19 per cent aged 18-29
- Young Australians using financial
- One in four users
- Acting on AI advice without checking
Why it mattersYoung investors relying on unregulated AI risk receiving confident wrong answers with no legal help if things go wrong.
AustraliaA generation of Australian investors is building wealth through retail investing using unregulated AI guidance instead of affordable professional advice, with no safety net if the advice fails.
✓ Claims checked against the source. checked 2 h ago
