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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