Every generation has their chosen messenger they choose to listen to for sage financial advice. Generation X leaned toward Warren Buffett’s books and millennials gleaned tips from Gary V’s podcast. As for Generation Z? They get their money knowledge from Andrew Yang, or at least that what a new survey’s findings is claiming.
Consumer Affairs recently released a summary of their insights from a wide-ranging survey that asked millennials and Gen Z about their spending habits, financial views and overall money mindset. They found that the generation everyone is paying attention right now gets their guidance from Humphrey Yang, a popular finfluencer who makes quick videos about on his rapidly growing YouTube channel.
More than half of the participants, particularly Gen Zers point to YouTube as their platform for financial education. Additonally, Meanwhile, about 52% of those surveyed reported they use Instagram for assistance with money issues.
About 33% of Gen Z even shared they trust Andrew Yang over Buffett’s insight (24%).
The report also took a look at how younger generations view their financial future. On average, it was found that millennials and Gen Z have about $1,500 in their savings, and were able to reduce their debt by an average of $800, all because of financial advice gathered from social media.
Investing, savings, and income diversification are also key topics that teens and twenty-somethings seek help with via social media. Influencers like Dasha Kennedy and Delyanne Barros often dole out digestible tactics about achieving financial freedom, and judging by their hordes of followers, their advice is working.