Financial advisors are competing with video social media platforms to provide financial advice to Gen Z investors — and losing, according to a recent survey.

Just 24% of Gen Z consumers rely on a financial advisor for financial advice, marketing company Vericast says it found in a survey of 1,000 adults in the U.S.

By contrast, 34% turn to TikTok and 33% to YouTube, according to the survey. And close to half of respondents says they go to friends or family for financial advice, Vericast found.

In all, less than a third of Gen Z consumers seek financial advice from a bank, credit union or financial advisor, according to the survey.

"It is clear that financial institutions have a critical need to innovate quickly and reimagine their approach to retain customers," Stephenie Williams, vice president, financial institution marketing product and strategy at Vericast, said in a statement.

Consumers overall are prioritizing savings and paying off debt amid the market turmoil, meanwhile.

For example, 48% say they’re prioritizing building their savings accounts this year, spurred on by worries about their mental wellbeing, according to the survey. Vericast says it found that 75% of consumers correlate the amount of money in their bank account with their mental health.

In addition, 47% of respondents say they’re paying off debt as a top priority, according to the survey.

But only 21% say that investing directly in stocks is a top financial priority, while 42% plan to buy a car this year and 34% plan to remodel their homes, Vericast found.

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