The rise of personal finance education on TikTok plays an instrumental role in expanding fintech companies’ products and services to a broader audience, particularly women, Gen Z, and many marginalized communities.
Financial education gained newfound cultural relevance in 2020, primarily due to pandemic-fueled lockdowns spurring increased engagement in personal finance content on TikTok. This carried into the world of fintech, with 79% of users looking for education around starting an emergency fund, improving credit scores, and creating a savings habit from their fintech applications, according to Plaid’s 2022 fintech effect report.
In response to this demand, many companies like Current, SoFi, and Step began leveraging TikTok to meet users where they are by partnering with influencers, hosting events, and offering personalized finance tips via short-form videos.
However, the potential ban of TikTok in the U.S. may leave many communities looking for financial education and tools elsewhere, and fintech industry leaders would be wise to oblige.
Community Values
Until personal finance content exploded with billions of views on TikTok, the average person had limited access to financial advice due to account minimums or a lack of knowledge. But technology has enabled anyone with a smartphone to access the same level of financial guidance once limited to the wealthy and well-informed.
The most notable spike in interest has come from those traditionally underserved by financial services.
Personal finance creators like Vivian Tu (@yourrichbff) share with her 3.5 million followers, whom she says include women, people of color, and marginalized communities, the importance of financial literacy.
A survey commissioned by Forbes Advisor and conducted by market research company Prolific found that 78% of millennials and Gen Z believe they have more access to financial advice now, thanks to social media like TikTok, than they would have as part of previous generations because of their identities, such as race, gender, or income.
TikTok creators have leveraged the platform to build businesses and spark movements toward financial inclusion and knowledge sharing to cater to these untapped demographics.
