ASIC has raised concerns about so-called finfluencers who are using social media to attract young investors with questionable financial advice.

ASIC’s Executive Director, Markets, Greg Yanco, has told the Market Herald that while everyone was entitled to take risks, the regulator recommended having long-term goals over making rash decisions, especially for first time investors.

The market regulator has seen a ramp up of investment in stocks using online services during Covid lockdowns.

Millennials in particular are investing in equities and cryptocurrencies to build wealth amid spiralling house prices and job uncertainty.

Last month ASIC chairman Joe Longo told a parliamentary committee hearing social media influencers giving financial advice was an area of concern for the agency with some companies using Zoom to organise virtual conferences to enlist young investors.