5 “Finfluencers” You Should Follow on TikTok
Flipping through TikTok, you’ll discover a wide variety of videos. Everything from the “touch it challenge” to a step-by-step guide to buying stock options. Financial TikTok, sometimes known as FinTok, is a place where influencers share financial advice in short videos. Here are five finfluencers you should follow.
💡 What is a Finfluencer?
Finfluencer is a social media influencer who uses their platform to teach their followers about financial topics, often focusing on wealth management and investing.
5 Financial Influencers You Should Follow on TikTok
|humphreytalks||2.3M Followers||36.2M Likes|
|pricelestay||1.1M Followers||19.3M Likes|
|pokubanks||331.9K Followers||8.2M Likes|
|calltoleap||848.9K Followers||8.2M Likes|
|millenialindebt||34.8K Followers||588.9K Likes|
The Rise of “FinTok”
Millions of Tiktok videos using hashtags like “Finance,” “Fintok,” “Moneytok,” “financetok,” “howtoinvest” and “personalfinance” have accumulated billions of views on the popular social media platform. The videos span a wide range of topics, including cryptocurrency, investing, budgeting, saving, mortgage tips, college finance advice, tax tips, basic financial literacy, and more.
What to consider with stock options before quitting! 🧐 #learnontiktok #tiktokpartner♬ original sound – Humphrey Yang
Money Fears Drive Interest in Quality Personal Finance Content
The Gen Z generation continues to demonstrate that their money worries are driving their interest in finance content. 81% list money as a major stressor, and 33% list personal debt as a huge source of anxiety.
To calm their concerns, many take an active approach by seeking out financial resources and paying attention to fintech innovation. 35% have electively attended a financial education seminar or lecture.
The quality of the content makes a huge difference. The finfluencers on our list offer more advanced content in addition to boilerplate offerings that cover the basics.
@girlstalkstocks Part II of how I #findstocks … Drop a comment down below & tell me what you do! #fyp #stockmarket #stocktok #fintok #finviz ♬ Fast – LLusion
Gen Z Drives Growth on TikTok
While millennials fueled the rise of earlier social media platforms, like Facebook and Instagram, Generation Z (“Gen Z”) has fueled the rise of TikTok. In 2020, 62% of TikTok users in the US were aged between 10 and 29 (Statista 2020.)
A surge in new, daily users during the pandemic caused the number of users to grow 150 percent among those 15-25 (Statista 2020.)
3 assets to invest in your Roth IRA #rothira #investing #investingforbeginners #investingtips♬ original sound – Millennial In Debt
Watch Out for Clickbait and Paid Promotions
Not all “fintok” content is created equal. As with anything on the internet, it’s essential to fact-check the information you find before making important decisions.
As a rule of thumb, if the information in a TikTok video sounds too good to be true, it probably is, or it may be an oversimplified version of the truth that requires more context.
For example, some creators will use clickbait titles as a marketing tactic to drive traffic to their content. It usually involves saying something surprising or shocking, which is then clarified in greater detail in the video.
For example, TikToker “Calltoleap” has a video titled “How to make 2 million dollars as a student.” Sounds too good to be true, but the video goes through the process step by step and clarifies that it will take 40 years of regular investing to make the money. The video is accurate, but the title doesn’t tell the whole story.
#college #learnontiktok #tiktokpartner #stocktok♬ original sound – Steve Financial Freedom Coach
Additionally, creators want to make money, and one of the only ways to do that on social media is through paid promotional content. If a finfluencer is promoting a specific financial product or brand, it is possible they are being paid to do so. Again, that doesn’t mean the product is bad, but it does mean that the creator has a bias.
Debt is a double edged sword, it can either make you well off or worse off… #debt #mortgage #house #leverage #finance♬ original sound – Poku Banks 👨🏾💻
Learn more about how social media shapes our spending habits:
4 Reasons For Social Media Impulse Buys, With Real Stories
7 Ways Social Media Influences Our Spending Habits