Young Brits are turning to TikTok for financial information, with many of them believing that influencers on the app provide better advice than traditional media.
A survey of 1000 18 to 14 year olds for the Current Account Switch Service shows that 58% follow TikTok influencers who talk about budgeting, money, or personal finance.
Of these, many trust what they hear, with 40% saying that these influencers give better advice than traditional media, 34% better than their friends and 26% better than their financial provider.
Nearly half of respondents say that TikTok influencers have helped them make a financial decision, including investing in stocks and shares, Isas, or helping them choose a mortgage.
When it comes to switching current accounts, a third of Gen Z say that money influencers on TikTok have made them aware of a switching offer or even consider switching to a different provider who meets their needs.
When it comes to trust, 41% say that they are more likely to trust influencers they find entertaining and 35% those they find relatable. Furthermore, 38% of Gen Z say influencers are more likely to have earned their trust if they have made recommendations that have helped them in the past.