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Gen Z turns to TikTok for financial advice

Gen Z turns to TikTok for financial advice

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.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 16 November, 2022, 14:27Be the first to give this comment the thumbs up 0 likes

Surprised there's so much difference - these days, a lot of Trad Media is anyway just dissection of social media posts and comments therein.