Members of Generation Z are turning to TikTok for help with financial information, according to Finextra.
A recent survey by the Current Account Switch Service – which surveyed 1000 14-18 year olds – found that 58% follow TikTok influencers who discuss topics such as personal finance, money and budgeting.
Many of those in Generation Z who listen trust what they hear, with 40% saying that such influencers provide better advice than traditional media, 34% better than friends and 26% better than their financial provider.
Almost half of respondents said that TikTok influencers have helped them make a financial decision, including investing in stocks and shares, ISAs, or helping them choose a mortgage.
Meanwhile, a third of Generation 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% that 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.
Earlier this year, leaders of the US Senate Committee called for an investigation into whether Chinese officials are getting access to US user data from TikTok.
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