According to InvestmentNews, a new Gallup poll reveals a sharp generational divide in how Americans seek financial advice, with Gen Z leading a dramatic shift toward social media over traditional financial professionals.

According to the survey, 42 percent of adults under 30 turn to social media platforms for money guidance, while only 27 percent rely on financial advisors or planners. Older generations, by contrast, continue to favor established professionals, with usage rates steadily increasing with age.

This growing trend has fueled the rise of so-called "finfluencers" — social media personalities dispensing financial advice, often without regulatory oversight. Bridget Venus Grimes, president of WealthChoice, voiced concern to InvestmentNews, noting that while these influencers attract large audiences with emotional, sensationalized content, much of the information lacks accuracy or context.

Beyond social media, the poll found that 43 percent of Americans still turn to friends and family for financial guidance, surpassing financial advisors at 41 percent.

As Gen Z increasingly looks to friends and family, and especially social media for financial direction, the industry faces a growing need for both investor education and clear regulatory oversight to address misinformation risks.

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