The rise of social media platforms such as TikTok has been unprecedented. It has revolutionized the way people connect, share, and express themselves. In recent years TikTok has evolved from just being an entertainment hub to a much more complex and wider platform. Now, it has also become a powerful tool for helping to educate and inform a generation about a variety of topics, including financial literacy.

Financial literacy is the ability to understand and use financial information to make informed decisions. The lack of financial literacy can have serious consequences, such as debt and financial insecurity. Fortunately, TikTok is serving as a bridge to fill the financial literacy gap. Various influencers that are experts in this field are providing people with financial education which wasn’t as accessible in the past.

The COVID-19 pandemic in 2020 catalyzed a surge in personal finance content on TikTok, with influencers sharing advice via short-form videos. According to Plaid’s 2022 fintech effect report, 79% of users are searching for information about setting up an emergency fund, improving credit scores and forming a savings habit. This involvement has been crucial in expanding fintech products and services to a larger group of people, particularly women, Gen Z and many marginalized communities.

This has also helped various companies like SoFi, Current and Step to connect with their potential customers by collaborating with various influencers. Virtual events, sponsored trips and many other kinds of content are being produced to not just engage users but also spread awareness of financial products and services.

Famous FinTok Creators

Now, it has become possible for anyone to access financial education thanks to TikTok.  Numerous content creators are sharing their advice, experiences and information with the help of short videos. The results of a survey carried out by Prolific showed that 78% of millennials and Gen Z individuals believe they have better access to financial advice now, due to TikTok, than their past generations because of their race, gender, or income.

To cater to these underserved populations, TikTok influencers have used the app to create businesses, as well as start movements to promote financial inclusion and the sharing of financial information.

Your Rich BFF

One of these influencers is 28-year-old Vivian Tu, known by the name Your Rich BFF. She gives free financial advice to her 3.5 million fans on social media. Her followers largely consist of women, people of colour and marginalized communities who benefit from her financial advice.

Her First 100K

Another FinTok influencer is Tori Dunlap, branded with the name Her First 100K. She is the founder of financial education company and provides financial education to her 2.3 million followers on TikTok. Her “Financial Feminist” movement boosted her views and turned out to be a huge success in educating and inspiring women to take control of their finances. She has also written a book “Financial Feminist: Overcome the Patriarchy” which is a must-read for anyone looking for financial advice.

HumphreyTalks

Humphrey Yang is a former corporate employee now known as one of Gen Z’s most trusted sources of financial advice. His TikTok account has reached 3.3 million followers and is constantly welcoming new followers who hope to gain free advice to manage their finances. He had first begun posting on YouTube but soon understood the needs of the current generation and quickly switched to making short, fun videos where he provides financial advice in the simplest of manners.

Lea Landaverde

Lea Landaverde is also another widely famous and trusted TikTok financial creator who is a ray of hope for her Latino community. With her videos, she is breaking cycles of generational wealth and spreading awareness in the particularly young generation about wealth management, investment banking and personal finances.  She brands herself as Latina Wealth Activist and has seven years of experience in the financial industry.

The way these and many other TikTok influencers are providing free financial education to people is genuinely phenomenal. They have figured out a smart way to educate women, the young generation and their communities in a fun way while also generating revenue for themselves. These TikTok stars are also effectively providing opportunities for Fintech companies to leverage FinTok to turn their users into customers.

Wrapping Up!

TikTok is a great platform for educating users about personal finance and money management. It has a wide variety of videos and content related to financial topics, ranging from budgeting tips to investment strategies. It is also a great way for financial experts and influencers to reach younger generations with important financial information.

Ultimately, it is up to the users to take advantage of the financial education and information available on TikTok. By doing so, they can empower themselves to make smart financial decisions and be more financially literate. The future of TikTok may very well have a big impact on the financial literacy of a generation.

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