TikTok is not new to anyone. And when it comes to GenZ creating funny videos on TikTok is a trend that is picking up at a fast-paced speed. While many make funny videos, there is a lot of informational content.
With the same, you might be surprised to know that personal finance is a hit on TikTok. Loaded with immense personal finance and financial advice videos, it is genuinely a perfect platform for financial influencers.
Personal Finance Video Stats On TikTok Says It All
It is no less than a surprise to see that #moneytok have had 10.6bn views on TikTok, which is more than #tacotuesday, #gossip, and #cookingtiktok. The creators use this tag to signal their followers and viewers that the video will guide them about personal financing.
According to a survey conducted last year by the website Magnify Money, nearly a quarter of investors aged 18 to 40, and 41% of those aged 18 to 24, have sought financial advice on the platform.
Let’s See What Creators Has To Say
Mandi Woodruff-Santos shares career and investment advice with her 27,500 followers on TikTok. Her working-class parents never discuss investments at the dinner table, and her education left her with little knowledge of how to manage a credit card or negotiate a raise. She and other influencers are now assisting their followers with their financial problems.
Mark Tilbury, the CEO of a retail company, has 7 million followers thanks to his explanations of Fortune 500 company strategies.
Tori Dunlap, Her First 100k, provides money advice and paid financial courses to women. She grew up in a family where money was frequently discussed and now has over 2 million followers to discuss the same.
Are All Posts Accurate?
There is no doubt that the posts on TikTok are entertaining, but not all the posts are accurate. Some can be misleading for which the platform has rules. Users can flag misleading posts, and creators must inform about their profit from such posts or any brand. Additionally, most videos are less than 15 seconds long, making discussion options low. Also, only around 10% of influencers add their qualification in bio to develop authenticity.
#moneytok is relatively high in popularity and makes it unique to learn about investment. The hope is that social media feeds, rather than kills, that interest.
