Gen Z’s desire for the #RichTok lifestyle drives them to social platforms in search of investment guidance

Gen Z’s Pursuit of Wealth Through Social Media

Members of Generation Z are captivated by trends like #RichTok and are eager to achieve financial prosperity. By blending these interests, this generation is increasingly turning to social media platforms for investment guidance, all in pursuit of the elusive goal of financial independence at a young age.

According to a five-year survey conducted by the Oliver Wyman Forum with 300,000 investors, social media was cited as the main motivator for 55% of Gen Z and 44% of millennial investors to begin investing.

As Gen Z searches for new routes to financial security, personal finance influencers have stepped in to offer advice. Popular videos explaining how to invest $1,000 or breaking down stock market concepts using pop culture references like the Kardashians or The Real Housewives attract hundreds of thousands of views across various platforms.

One notable figure, Vivian Tu—known online as Your Rich BFF—boasts 2.7 million followers on TikTok and 3.8 million on Instagram, where she shares insights on investing, financial planning, and tax strategies.

“Now, instead of seeing someone who resembles your parents’ financial advisor, you see someone who could easily be your college friend,” Tu shared with Fortune. “My aim is to make finance entertaining and approachable, transforming money talk into something fun for the next generation of rich BFFs.”

Another creator, Rebecca Ma—who goes by Becca Bloom—has amassed 8.2 million followers across Instagram and TikTok. She documents her daily life, including feeding her cat caviar and showcasing luxury fashion hauls, each drawing millions of views and likes.

Financial Success and Social Pressure

The widespread popularity of these videos highlights a shared ambition for significant financial achievement. The Oliver Wyman Forum survey revealed that in 2022, 18% of respondents felt compelled to earn more money to feel successful. By 2025, this figure had risen to 33%, with the pressure more than doubling among low-income individuals and baby boomers nearing retirement.

Gen Z’s Early Start in Investing

Economic uncertainty is motivating Gen Z to invest sooner

A 2024 World Economic Forum survey found that over half of Gen Z began learning about investing before entering the workforce, compared to just 20% of Baby Boomers. Nearly one-third started investing during college or early adulthood, which is double the rate of millennials at that age.

Early investment is now a key strategy for achieving financial independence, which has become the fastest-growing unmet financial need. Facing a sluggish job market and expressing doubts about the future of programs like Social Security, Gen Z is experiencing a rise in economic pessimism.

Natalya Guseva, who leads financial markets and resilience initiatives at the WEF, noted, “There’s a real eagerness to learn. Gen Z’s drive for financial literacy is shaped by a sense that they can’t depend on government or pension systems as much as earlier generations. They’re also drawn by greater access to information and a wider range of investment products.”

Financial Independence: A Universal Aspiration

Across generations, financial independence is the most desired skill people wish they had learned earlier, according to the WEF. Gen Z, in particular, is determined to maximize their earnings and secure their financial future.

“Young people, especially Gen Z, have a variety of financial goals, many of which are focused on the medium to long term,” Guseva explained. “Only about 10% or fewer are interested in beating the market or speculative investing.”

AI: The New Financial Advisor for Gen Z

Nearly half of investors now consult AI for investment decisions, up from just over a third in 2023, as reported by the Oliver Wyman survey. Most use AI as a resource for information rather than allowing it to manage their investments directly. Respondents say AI offers a nonjudgmental space to learn and makes them feel more understood than traditional advisors.

Guseva added, “Younger generations, especially Gen Z, are more likely to trust institutions that offer AI chatbots. Many are turning to AI to educate themselves about investing.”

Embracing Risk: Gen Z’s Investment Choices

With mounting pressure, Gen Z is gravitating toward riskier assets. While Gen X and Baby Boomers tend to favor diversified, traditional portfolios, the WEF found that cryptocurrency accounts for over a third of the portfolios of 71% of Gen Z investors.

“More people know how to access crypto than stocks, ETFs, or bonds, and they feel more confident understanding crypto,” Guseva observed. “This reflects the effectiveness of crypto’s marketing and awareness campaigns. It’s a lesson in meeting people where they are.”

Gen Z’s shift toward high-risk, high-reward investments like cryptocurrency is more than a passing fad. According to the survey, their financial behaviors are among the most misunderstood aspects of their generation. Their move away from traditional wealth-building methods signals a rejection of outdated advice that doesn’t align with their vision for the future.

This article was originally published on Fortune.com