TikTok is the place to go for new dances, viral taco recipes—and, now, financial advice.
The big benefit of TikTok is that it allows users to dole out and obtain information in short, easily digestible video bites, also called TikToks. And that can make unfamiliar, complex topics, such as those related to personal finance and investing, more palatable to a younger audience.
But can TikTok users, many of whom are in their teens, 20s or early 30s, trust the financial advice that is increasingly being offered on the social-media platform?
That advice runs the gamut, from general information about home
TikTok is facing a new legal challenge in the United Kingdom, as a former Children’s Commissioner is heading up a privacy lawsuit that could involve millions of minors. The suit alleges that TikTok violated child privacy laws in its collection of personal information and in transferring it to third parties.
The suit is noteworthy in that it would include essentially all of the platform’s underage users in the country, which could be at least half of the national teen and adolescent population. Should the privacy lawsuit unfold as intended, it could cost TikTok billions in combined UK and EU fines.
Dunlap, who notes on her website that she is not a licensed financial adviser, says her parentstaught her a lot about money growing up, but she quickly realized that wasn’t the case for everyone, especially for women.
“Having a financial education as women or any marginalized group is our best form of protest and is our best way of gaining agency in a world that is increasingly inequitable,” Dunlap said.
And TikTok, she said, is leading the way in enabling a younger, more diverse group of people to both provide and gain access
What started as a social media app where Gen Zers and millennials (and the occasional boomer) would go to share viral dances has since become a hub for free personal finance education.
“FinTok” (aka personal finance TikTok) is the name for the platform’s growing trend where users, or self-proclaimed experts, offer advice on what to do with your money. Topics range anywhere from credit card debt, to 401(k)s, investments and retirement.
Like all things on social media, however, not all of the “expert” advice you see is necessarily true. What one user says works for their finances won’t apply to
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