Generation Z is going to social networks for financial advice

Generation Z shares more information online, which exposes them to more risk. — Photography ferrantraite/Getty Images/AFP Relaxnews

Not all advice is good advice. While Generation Z has a habit of turning to social networks for guidance in financial management, this habit may also make them more of a target for scams.

In the US, Generation Z is five times more likely to seek financial advice via social networks than people aged 41 and older. And they're more likely to do so than any other generation. According to a study conducted by the website MoneyZine, this trend concerns 27% of Generation Z. However, while 31% of 18-40 year olds feel more confident and informed when investing their money, 18-29 year olds are also the most likely to be concerned about online identity theft.