ASIC Survey: 23% of Young Australians Own Crypto

A new survey by Australia's financial regulator reveals that nearly one in four young adults aged 18 to 28 now own cryptocurrency, with many basing their investment decisions on social media influencers and artificial intelligence tools, raising concerns about exposure to risky and misleading advice.

The Australian Securities and Investments Commission (ASIC) released the findings on Sunday from a study conducted between November 28 and December 10, 2023, polling 1,127 respondents in that age group. The data shows that 23 percent of Generation Z Australians hold cryptocurrency assets, a rate that surpasses their participation in traditional investments like stocks or managed funds. Among those crypto owners, 29 percent reported making trading decisions influenced by social media content or influencer recommendations, while 66 percent adopted a short-term speculative approach to at least part of their holdings.

The survey highlights a broader reliance on digital sources for financial guidance. Overall, 63 percent of respondents turned to social media platforms for information on money matters, with 30 percent specifically citing YouTube videos. Additionally, 18 percent used AI...