Half of Gen Z Turns to ‘FinTok’ For Financial Info, Study Reveals

Published: December 23, 2024

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Wait…How Many Gen Zers Turn to TikTok for Financial Advice?

By Movieguide® Contributor

What’s the best strategy to earn a passive income or pay off debt? Gen Z turns to TikTok to find out.

“A new survey by Talker Research for Chime shows that the average American picked up 42 pieces of financial advice from TikTok in 2024, with Gen Z absorbing 49 tidbits — more than millennials (44) or baby boomers (32),” Relevant reported Dec. 17.

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Half of Gen Z say that TikTok’s financial side, “FinTok,” is their go-to place for financial advice.

“Of those who regularly use it, 65% say they feel more financially secure, and 68% reported that the advice has helped improve their financial situations,” Relevant said. “Mostly, Gen Z turned to creators on the app for expertise on side hustles (38%), paying off debt (25%), passive income strategies (25%) and crypto investing (20%). These trends may only stick for four weeks on average, but 44% say they’re successful.”

“It’s clear that while trust levels are still growing when it comes to FinTok, many are embracing and integrating it into their everyday lives,” said Janelle Sallenave, Chief Spending Officer at Chime.

StudyFinds added, “Perhaps most surprisingly, 76% of users are open about using FinTok for financial planning, with millennials leading the transparency at 36% being “very open” about their digital financial education.”

The most searched topics are budgeting (35%), investing (24%) and credit scores (22%). TikTok’s short, captivating videos make these topics attractive and easy to understand for youngsters. However, finance experts warn that TikTok is not the place to go to for advice.

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Anna Sergunina, a certified financial planner and president and CEO of Main Street Financial Planning, said, “TikTok can be a fun place for Gen Z to start learning about money, but it’s risky to rely on it for real financial advice. The quick, trendy content often lacks depth, and creators might not have the expertise needed for solid guidance.”

“There’s a lot of incorrect information passed off as education or even advice and can have unexpected consequences if acted upon,” said Chris Mankoff, a certified financial planner at JTL Wealth Partners. “Anyone can act like an expert or have a ‘loophole’ to personal finance, especially when it comes to taxes, to gain followers, and it’s simply not true.”

Just over half (53%) of those surveyed said they plan to use TikTok more in 2025 to get advice on finance and other life topics.

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