TikTok, a popular social media platform that allows users to create, watch, and share 15-second videos shot on mobile devices or webcams, is becoming the most popular destination for Gen Zs looking for financial advice, according to recent studies.

The platform is not only about challenges, songs, and memes, but is also full of financial influencers, of all ages, who are present to help people become smarter with their money, through short snippets.

The Gen Zs are making TikTok a destination to learn more about everything from cryptocurrency to investments. This phenomenon is spurring several hashtags and the videos they’re connected to represent hundreds of views.

Various surveys conducted recently indicate that 18–24-year-olds are turning to the social media platform for financial information with money influencers becoming more influential than traditional media, their friends and family.

A few weeks ago, Reuters Institute released a report dubbed ‘Digital News Report 2023’ which indicates that TikTok is the fastest growing social network in their survey.


Source: Reuters Institute

Research by a UK-based service provider – Current Account Switch Service – indicated that TikTok could become a preferred destination for Gen Zs in search of financial advice. The survey revealed that two-thirds (58 percent) of 18-24-years-olds follow TikTok influencers who talk about budgeting, money, or personal finance.

“It is encouraging to see from our research that 18-24-year-olds are interested in money management and are actively browsing social media for advice on money matters. Everyone needs to be on top of their finances,” commented Jo Ainsley, senior service lines manager at Pay.UK.

Another study by the Aga Khan University Media Innovation Centre (MiC) found out that this generation was serious about wealth creation and see the media as not doing enough in terms of providing content that addresses two critical issues in this area – making money and how to become financially independent.

“They noted that news media need to cover more of these two issues, which seem to be in line with their career and life aspirations: getting their dream jobs and making money,” the MiC report indicated.