Why Gen Z Canadians Are Turning to Social Media for Financial Guidance

Gen Z Canadians Seek Financial Knowledge Through Social Media Channels

At just 18, Matthew Robertson opened a tax-free savings account, downloaded budgeting apps, and began listening to finance podcasts. Now 21 and studying at Carleton University, he says learning about money is both a personal interest and a financial survival tactic.

“With home ownership and affordability becoming more difficult, we feel the need to take control of our financial futures ourselves,” said Robertson.

According to TD Bank’s 2024 data, 68% of Gen Z Canadians invest regularly — the highest among all age groups. In response, a wave of financial influencers has emerged, offering simplified content on budgeting, investing, and crypto via platforms like TikTok.

A report from the Canadian Securities Administrators found that 82% of 18-to-24-year-olds have acted on financial advice discovered on social media.

Alyssa Davies, founder of Mixed Up Money, now has over 85,000 TikTok followers. She says the rise of more diverse voices has helped make financial literacy less intimidating and more relatable.

“We’re no longer only listening to men in suits giving rigid advice. People want relatable guidance from those who understand their experience,” she said.

However, experts warn that social media can also foster one-sided relationships with so-called “finfluencers,” potentially leading to emotional over-trust. Errol Osecki, assistant professor at the University of Ottawa, says these “parasocial” dynamics can create confusion between genuine guidance and marketing.

The Information Overload Trap

Despite finding podcasts more trustworthy, Robertson admits that he still encounters online advice that seems questionable. “Young people need to verify what they hear online. You shouldn’t just take everything at face value,” he said.

Michael O’Brien, a financial advisor at SunLife in St. John’s, says Gen Z clients are often overwhelmed: “They’re getting 15 different strategies during a single lunch break. It’s a flood of advice.”

Still, many young Canadians are eager to take partial control over their finances, often researching on their own while occasionally consulting professionals.

As Canada moves toward mandatory financial literacy programs in high schools (with Ontario joining Saskatchewan and Quebec by 2026), advisors hope the next generation will be better equipped to filter fact from fiction.

Robertson believes his own high school financial education lacked practical insights. He credits family conversations for filling in the gaps — a privilege not everyone has.

“Understanding budgeting and investing doesn’t have to be complicated,” said O’Brien. “What’s critical is giving young people a clear starting point.”

AiF Insight:
We live in an era where scams are everywhere — and AI tools are making them even more sophisticated. If a social media influencer truly knows how to grow wealth, they’d be investing, not selling advice. If their income depends on clicks and followers, they’re not real investors — just marketers.