NerdWallet Survey Finds Gen Z and Millennials Use AI for Finance

A survey by NerdWallet shows that social media and artificial intelligence are increasingly influencing the financial habits of younger consumers. Nearly half of Generation Z and 33% of millennials seek financial guidance on platforms such as TikTok and Instagram. The data indicates that over 80% of consumers make purchases based on influencer recommendations at least once a year, with nearly half doing so every month.

Kimberly Palmer of NerdWallet warned that these online sources often lack professional accreditation and may have undisclosed conflicts of interest. To mitigate these risks, experts suggest that users research the qualifications of online advisors and follow creators who focus on savings. Palmer also cautioned against uploading sensitive personal financial documents to AI platforms.

As a counter-movement to influencer-driven consumption, a de-influencing trend has emerged. In this trend, creators discourage unnecessary spending by identifying and calling out overhyped products.