young consumers on smartphones Source: Adobe Stock

Consumers’ relationships with financial institutions are changing drastically. According to recent data from a Vericast survey, nearly half of consumers say they seek financial advice from friends or family, while less than a third are seeking it from a bank, credit union or financial advisor.

But perhaps the most profound changes are among Gen Z consumers, who are increasingly turning to social channels for financial counsel. According to survey results, 34% obtain financial advice from TikTok and 33% from YouTube, while only 24% of this age group seek advice from financial advisors.

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