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Social Media for Personal Finances: A New Trend for Millennials and Gen Z

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Abstract

Younger generations—specifically, millennials and Gen Z—increasingly turn to social media for personal finance purposes, such as making and receiving payments, crowdfunding, shopping, and financial education. While the financial tools provided by social media offer benefits, such as convenience and community, they also come with risks, such as increased fraud and misinformation.

Suggested Citation

  • Sam Baird, 2023. "Social Media for Personal Finances: A New Trend for Millennials and Gen Z," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-6, October.
    • Handle: RePEc:fip:fedkpb:97190
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