Unsure where to go for money advice? Well, Gen Z is taking to TikTok. Imy Brighty-Potts explores who they are following and why.
There’s more to TikTok than dances, challenges and fashion trends, and Gen Z are now using it to educate themselves about something many of us feel in the dark about: money.
New data from the Current Account Switch Service has found that TikTok is becoming the preferred destination for Gen Z for financial advice. The research found that the generation is increasingly turning to the social media platform for financial information over traditional media, their friends and family.
Almost two-thirds (58%) of the one thousand 18-24-year-olds surveyed follow TikTok influencers who talk about budgeting, money or personal finance. Almost half say the video sharing app’s influencers have helped them make a financial decision, including investing in stocks and shares or choosing a mortgage.
So who are the creators Gen Z are putting their faith, and financial health, in and what can we learn from them?
Financielle
Aimed at helping women take back control of their money, Laura Pomfret is the brains behind Financielle. With her simple and engaging videos explaining important financial issues and methods for promoting your independence, she has gained a huge following, which has translated into releasing the Financielle app.
Her First 100k
Tori Dunlap is a creator and author who talks about all things investment, planning for a recession and saving. She has gone from strength to strength, hosting the Financial Feminist podcast, releasing a book and growing a following of over two million on TikTok.
Money Honey Rachel
Rachel Richards retired at 27. Yes, you read that correctly – and she wants to help others do the same if they wish. With her content surrounding investment, property and living single, she is trying to help people gain financial and personal freedom.
Mixed Up Money
With over 85k followers on TikTok, Alyssa Davies is an author and self-confessed ‘money nerd’. She creates content about parenting, relationships and personal growth in relation to your finances, with a realistic and honest approach to her style. When Davies joined the platform she was struggling with debt, and she shares her journey out of it and into a more financially-free life. She accepts that money is emotional and wants to empower you to handle it.
Budget Jones Diary
From saving money on car insurance to saving for Christmas, Beth creates informative advisory videos to help people ‘ditch their debt’. She creates helpful budgeting resources and shares tips on coping with the cost-of-living crisis.
The Broke Generation
Emma, AKA The Broke Generation, creates videos around scams, financial wellbeing, organisation and money saving while travelling. Her small but loyal following on TikTok and popularity on Instagram where she has 54k followers, tune in for regular chats on topics like emotional spending.