Video-sharing platform TikTok could become the most popular destination for 18 to 24-year-olds looking for financial advice, according to new research.
Figures from the Current Account Switch Service reveal that almost two-thirds of young people follow TikTok influencers who talk about budgeting, money, or personal finance.
Two-fifths said that TikTok influencers give better advice than traditional media, while just over a quarter trust the platform more than their financial provider.
“It is encouraging to see from our research that 18 to 24 year-olds are interested in money management and are actively browsing social media for advice on money matters,” said Jo Ainsley, senior service lines manager at Pay.UK. “Everyone needs to be on top of their finances. A key issue is ensuring your current account is best suited to your needs.”
Nearly half of those surveyed said that TikTok influencers have helped them make a financial decision, including investing in stocks and shares, ISAS, or helping them choose a mortgage.
The figures could raise concerns about young people taking advice from influencers who might be giving unhelpful advice or spreading disinformation.
The study comes a month after the government announced a grant of over £1 million to 17 UK organisations to pilot new ways of supporting vulnerable people to stay safe online and avoid being misled by disinformation.
Many of the selected firms will reportedly aim to boost media literacy skills for people at risk of experiencing online abuse and being deceived into believing false information, such as vaccine disinformation, deepfake videos or propaganda created by hostile states.
FStech has approached The Centre for Information Resilience for comment on the research.
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