For example, TikTok has been rapidly growing as young adults’ go-to source for financial information, with content tagged with the hashtag #FinTok reaching more than 1.4 billion views.2 This has led to the rise of so-called “finfluencers” — social media influencers who post on topics related to personal finance. With its free and easy access, combined with the engaging nature of user-created content, social media may serve as a new venue to foster public financial education, allowing individuals without access to professional advisers to become engaged and knowledgeable about personal finances.
- A 2023 Bankrate survey found that 30 percent of Americans used social media for financial advice, making it the third most popular source after friends and family (47 percent) and financial advisors and professionals (35 percent). Social media is especially popular among younger generations, with a majority of Gen Z (76 percent) and millennials (65 percent) seeking financial advice through social media. Another survey reported that nearly 80 percent of young adults obtain financial advice from social media.
- Ellie House, “FinTok: How TikTok Is Helping Young People Use Cash Wisely,” The Guardian, July 10, 2021, www.theguardian.com/money/2021/jul/10/fintok-how-tiktok-is-helping-young-people-use-cash-wisely.