I don’t know about you, but this seems a little concerning to me:
“TikTok is the #1 source for financial information among Canadian users under the age of 45 in social and video platforms, surpassing financial institutions’ websites, financial advisors, and family & friends.”
You’re getting investment advice from TikTok? Is that a good thing?
Either way, it’s apparently happening, according to the latest insight from TikTok, which has shared some new data into the rise of #FinTok, and how people are using the app to get financial tips, advice and insight.
According to TikTok, there’s been an overall 373% rise in financial content in the app over the last year.
I wonder how many of them are promoting meme stocks and crypto scams?
TikTok says that 70% of its users have indicated that financial topics are important to them, while more than 80% of users are taking action based on TikTok finance advice.
I mean, there are also clear scams and people trying to promote advice that will benefit their own investments, so you do have to be wary.
But the numbers here are pretty interesting, especially, I assume, for those working in the sector.
As per TikTok:
“For FinServ brands, this is an opportunity to lend a trusted voice to the conversation. An estimated 2 in 3 Canadian TikTok users are interested in seeing financial content from brands, and 77% want brands to create TikTok videos that teach them something new.”
That seems like a pretty significant potential opportunity, and while I don’t know that many would have picked TikTok as a key platform for financial advice, there is clearly rising opportunity there.
TikTok is used for a wide range of purposes, from entertainment to education, and it is interesting to consider this in the context of financial literacy. It makes sense that users would also find such information valuable, while the snackable content approach in the app may help to make these subjects more easily digestible for early investors.
I would remain wary of direct investment advice, and I would look to experts as much as possible. But for those looking to reach audiences with financial offers and opportunities, these stats will likely be of interest.
You can check out TikTok’s full #FinTok report here.
