Young Brits believe that influencers on the app provide better financial advice than traditional media
Why Turn to Financial Advisors If We Have TikTok? Source: pexels
A recent survey of 1000 respondents aged 18-24 for the Current Account Switch Service shows that 58% of the British youth follow TikTok influencers who talk about budgeting, money, or personal finance.?
Moreover, 40% of those sticking to social media finance channels say that influencers give better advice than traditional media. Thus, 34% believe their knowledge about money is better than their friends’ advice, and 26% state that TikTok influencers provide better financial education than their financial provider.?
Almost half of the respondents used the advice from TikTok influencers to make a financial decision, including investing in stocks and shares, Isas, or choosing a mortgage. As for switching current accounts, over 30% of Gen Z say that money influencers have made them aware of a switching offer or consider switching to a different provider who meets their needs.?
Furthermore, 41% of young respondents said they are more likely to trust influencers they find entertaining, while 35% would trust those they find relatable. Finally, 38% of Gen Z admit they were more likely to trust influencers if they have made wise recommendations that had helped them before.
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Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
