The news: A recent survey by H&R Block’s mobile banking app Spruce reveals that nearly 70% of Gen Z is influenced by social media finance trends, showing a shift in how younger generations learn about financial matters.
The details: While over 2 in 3 Gen Zers are passively influenced by social media finance trends, 33% turn to social media with financial questions. That’s their most popular source of financial information, narrowly beating trusted family members at 31% and banks at 28%.
And Gen Zers are the most susceptible to viral social media trends, with 68% admitting they’ve changed their financial behavior based on what they’ve seen on social media—versus 37% of the general population. This explains how some viral videos have led Gen Zers back to cash for saving and spending, or influenced them to deprive themselves of takeout food and other nonessentials to save faster.