According to the Global Retail Investor Outlook, social media is the main place where Generation Z obtains information about financial issues.

Error detected

The claim incorrectly states that social media is the 'main place' where Generation Z obtains financial information. According to the actual Global Retail Investor Outlook report, friends and/or family is the main source at 37%, while social media is the second source at 23%.

Omissions

• The claim omits that friends and/or family (37%) is actually the primary source of financial information for Gen Z investors, significantly ahead of social media (23%).
• The data combines Gen Z and Millennials in some figures.
• The European Parliament itself has cited this report noting that 'social media has become a dominant source' (not the main source) for younger age groups.

Sources

• PrimaryWorld Economic Forum - 2024 Global Retail Investor Outlook37% of Gen Z and Millennial investors turn to friends and/or family for guidance on how to invest, while 23% seek advice on social media.
• SecondaryEuropean Parliament - REPORT on financial literacy and the rise of finfluencersSocial media has become a dominant source of information for younger age groups, according to the 2024 Global Retail Investor Outlook.
• SecondaryThe National News - Why UAE's Gen Z is turning to old-school gold37 per cent turn to friends or family for financial guidance, while social media is used by 23%.