The majority of Americans on TikTok, the massive short-form video-sharing app with more than 150 million U.S. users, get some form of personal finance advice from TikTok influencers, according to a new survey by Credello, a personal finance platform.
The company surveyed 1,000 U.S. TikTok users between the ages of 18 and 54 and found that 77 percent said they were “likely or somewhat likely to consider implementing personal finance advice they meet from influencers.”
However, most (66 percent) said they “conduct additional research” on advice they have seen on social media.
Despite the desire for additional research, 63 percent of respondents said they were “confident or somewhat confident in the reliability of advice they receive from TikTok influencers about personal finance.”
Less than half (46 percent) said they had “experienced positive impacts on their finances” while 50 percent said they had “improved their financial literacy and knowledge” as a result of “implementing advice from financial influencers.”
Financial advisors are on TikTok, but according to Putnam Investments, only about 16 percent of advisors use it for both personal and business reasons and only 5 percent use it just for business.
If advisors are looking to become financial influencers on TikTok, they might need to show how they have overcome financial problems on their own.
According to Credello, 65 percent of users said they preferred “influencers who have faced financial challenges,” and 62 percent said they preferred “influencers who have achieved a certain level of financial success.”
The traits survey takers were most interested in seeing in a financial influencer were relatability, authenticity, understanding of financial challenges, and resilience and determination.
