London Daily

Focus on the big picture.

FinTok: How the cost of living crisis helped turn TikTok into a hub of financial advice

FinTok: How the cost of living crisis helped turn TikTok into a hub of financial advice

From breaking down the (former) mini-budget to navigating the murky realms of crypto, and even the best apps to invest with, Financial TikTok is populated by content creators offering their advice on how to survive the cost of living crisis.
Alongside the rising cost of living has come the rise of FinTok, an online world of personal finance guidance.

From breaking down the (former) mini-budget to navigating the murky realms of crypto, and even the best apps to invest with, Financial TikTok is populated by content creators offering their advice on how to survive the cost of living crisis.

It's not the first time people have turned to the platform for help, with budget recipes and energy-saving hacks (including showering at the gym) going viral in recent months.

But as the cost of living grows, this new side of the app grows with it.

Moving beyond the viral dances, cat videos and feta pasta recipes that made it so popular in the pandemic, research by Ofcom shows TikTok is one of the top three news sources for teenagers - up there alongside Instagram and YouTube.

From sweets at school to four figures a month

Poku Banks began as an entrepreneur selling sweets at school but turned his personal finance degree from the University of Nottingham into a source of income, sharing guidance with his 341,100 TikTok followers.

Now, he said, he can make up to four figures a month from the platform, sharing tips including; the best ways to fund a holiday using investments, advice on car finance or how to use freshers week as an entrepreneur.

With 41% of users between the age of 18 and 24, TikTok is particularly popular among Gen Z.

"Growing up Gen Z, we have short attention spans and that's life," he said explaining why he prefers condensing complex topics into short videos.
Research by One Poll for Westfield in October 2022 of 1,046 teenagers and 2,050 adults found 60% of people now choose social media as the best place to get financial advice amid the cost of living crisis.

Those aged 12-17 said they have sourced their best money-saving tips from TikTok and say they have valued this kind of advice much more than what they get from their parents or school.

As a result, over a third of the age group say they have put away between £100 and £500 in personal savings as a result of the tips.

A TikTok spokesperson said: "TikTok is a place where millions of people come to be entertained, but also to learn. As more people seek financial information online, it's important to us that we help our community access the right support and advice on TikTok, especially if they may struggle to access it elsewhere.

"We've long partnered with Citizen's Advice to produce informative videos and our #FactCheckYourFeed campaign. Most recently, we launched a new Cost of Living Hub - to bring together all the best tips from our community and help people make the right financial decisions for them."

'Wealth bros'

A brief search under the hashtag #stocktok shows videos of creators making "thousands in seconds" and promising "stocks that will make me rich in 2023".

Laura Pomfret, from Financielle, said: "If people in our community are asking us, should I invest in cryptocurrency, I would say, well it's completely up to you but let me tell you what cryptocurrency is, I'll tell you what some of the risks are so you can make your own decision."

But with anyone able to create an account and upload videos - and no real formula for what catches attention and goes viral - there are concerns about navigating the platform and how safe it could be to follow some of the guidance.

"I do worry. On my For You Page [TikTok's personalised homepage] yesterday was a 'wealth bro' from America saying you should finance a car and invest that money instead," said Laura.

"[He was] promising returns that aren't going to happen, and when I see stuff like that it makes me uneasy."

Searching for financial hashtags brings up a disclaimer from TikTok, reminding users that "all investments bring risks" and to never disclose personal information on the app.
It also gives tips on how to recognise if something is a scam, alongside a TikTok from Citizen's Advice.

"I like, all of us, don't give financial advice," Ellie Austin-Williams from This Girl Talks Money told Sky News.

"And for a lot of people, this is a real misconception. A lot of people are like, 'oh well I need a financial advisor on TikTok, to tell me what to do'.

"A financial advisor, no matter how qualified they are on TikTok cannot tell you what to do.

"They are not allowed to."

'I'm never going to sell you anything'

Like all social media platforms, Ellie said there is a "proliferation of scammers" out there who impersonate her account.

"It's particularly bad in finance," she said.

"I'm never going to sell you anything, I am never going to encourage you to trade.

"It's just a case of having a bit of caution at the back of your mind that if something sounds too good to be true, then it is."

Poku added that all the advice is based on their personal experiences, and while they "may push you in a way, or a direction, that we believe is the best", both use disclaimers on their content, warning users to only invest what they can afford, or reminding them that no investment has guaranteed returns.

Female overload

Less than 50 years ago, a woman couldn't open a bank account in her own name. Now, female entrepreneurs are using their TikTok platforms to try to close that gender gap.
Laura Pomfret, and sister Holly Holland, began Financielle in 2016 when Laura was on maternity leave.

From a northern working-class background, the former lawyer said she was "just rubbish with money as a graduate living in the city, spending everything I made" because she "never had any financial education".

"It's kind of concept of the female overload whether you're a mother or a daughter or whether you kind of you've been left out or these conversations, money feels overwhelming," the mother of three said.

TikTok, she said, appeals as a platform because you have to condense subjects down into short 60-second videos (although the app is now trialling longer content, shorter videos remain some of the most popular).
"We want things that are short and snappy, that can cut through the noise and tell it was like it is," she said.

Amid the confusion of the last few months - with a mini-budget announced then scrapped, two new prime ministers and multiple chancellors - Laura said: "There was a huge amount of economic terms being bandied around, with people saying 'I'm trying to make sure that I can pay my bills and I'm trying to work out what quantitative easing is or whether the interest rate thing is going to impact me or not'."

'Everything was aimed at my parents'

Ellie, 35, says the target audience of This Girl Talks Money is 91% female and predominately Gen Z.

When she first began researching personal finance, she was frustrated by how everything was aimed at "my parent's age, rather than me" and felt if more financial literacy was taught in schools, perhaps there would not be such a need for these online creators to fill the gap.

"What we need is compulsory sessions," Poku added, although he was quick to caveat that he doesn't blame individual teachers.

"Every adult looks to invest, into a pension or themselves, we know we'll get a credit card one day yet we're not told about credit scores.

"So essentially, we are thrown into the world and we don't know anything."
Newsletter

Related Articles

London Daily
0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
You Are So Beautiful
Rob Schneider explains California reparations legislation.
Postmodern Jukebox European Tour Version
Who knew badminton could get so intense?
An old French tune (by Georges Brassens) Pomplamoose ft. John Schroeder
Farmers break through police barriers in Brussels.
Sattahip Motor Show 20
London's Iconic British Telecom Tower Sold To Become Hotel
SONATE AU CLAIR DE LUNE - Moonlight sonata
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
A kiss to build a dream on
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Wonderful Tonight - Eric Clapton (Boyce Avenue acoustic cover)
Russia Claims UK Cultural Agency Spied for Ukraine
Mean Blues
Apple warns against drying iPhones with rice
La Chansonnette
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
Pattaya Addicts
German economy is in 'troubled waters' - ministry
Franz Liszt - Liebestraum - Love Dream
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Dream a little dream of me
New video
Unchained Melody sung like you've NEVER heard!
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Dave Brubeck - Take Five
Russia is rebuilding capacity to destabilize European countries, new UK report warns
Édith Piaf - Non, Je Ne Regrette Rien (Sofie)
EU Commission wants anti-drone defenses at Brussels HQ
Rondo Alla Turca
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
Kiss of fire
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Tom Jones - I´ll Never Fall In Love Again 1967, 1989, 2001
Prince William Urges End to Gaza Conflict
Israel Cachao López - Guajira Clásica
UK court to hear Assange's final appeal against extradition to the US, where he faces charges related to his journalistic work—the publication of a classified video in 2010 that exposed US war crimes against humanity.
Edward Maya - Stereo Love (feat. Vika Jigulina) (Extended Mix)
About 50-60% kids either chose to be YouTuber or influencer
Strauss - Radetzky March - Karajan
A viral video of Nationals MP Barnaby Joyce lying on a Canberra footpath is celebrated by his media mates.
La vie en rose
European Countries React to Navalny's Death by Summoning Russian Diplomats
The Temptations - My Girl (Smokey Robinson Tribute) 2006 Kennedy Cent
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
Orlando Cachaito Lopez Redencion
English farmers to be offered ‘largest ever’ grant scheme amid food security concerns
Edith Piaf - NON, JE NE REGRETTE RIEN
Cameron government knew Post Office ditched Horizon IT investigation
RADETZKY MARCH-2008-Wien, New Year Concert
EU Calls for Immediate Ceasefire in Gaza Conflict
Only you (And you alone)
EU Vows To Hold Putin "Accountable" After Meeting Alexei Navalny's Wife
Strangers In The Night
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
Charles Aznavour - La Boheme
The EU Initiates Naval Mission to Defend Red Sea Trade Routes
Summer time
EU and UK Announce Joint Effort on Migration
Sting and Stevie Wonder - Fragile (from Sting's 60th birthday concert)
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
Aux Champs Elysees
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Stand By Me - Ben E. King (Boyce Avenue acoustic cover)
Microsoft-backed OpenAI valued at $80bn after company completes deal
La Mer (Beyond the Sea) – Avalon Jazz Band
‘Alexei would want to tell Russia not to give up fighting’
She
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
Nathalie Song by Enzo Petrachi Stjepan Hauser Cello
Whisky Challenges China's Baijiu Market During New Year Celebrations
Shape of My Heart - Sting (Boyce Avenue acoustic cover)
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
Radiohead - Creep
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
Quizás,Quizás,Quizás - Andrea Bocelli - Jennifer Lopez
"Historic Step": Zelensky Signs Security Pact With Germany
Perhaps, Perhaps, Perhaps - Multi-Couples
"Historic Step": Zelensky Signs Security Pact With Germany
Pentatonix Havana
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
Paula Cole - Autumn Leaves
Joe Biden Accuses Putin of Causing Navalny's Death
Oscar Benton Bensonhurst Blues
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
OH NANANA vs ABUSADAMENTE
Tucker Carlson grocery shopping in Russia. This is so interesting.
Nina Simone - ”I Put A Spell On You”. Vezi aici cum cântă Jeremy Ragsd
Julian Assange's Wife Warns of His Death if Extradited to US
NIGHTWISH - The Phantom Of The Opera
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Motorshow 2016 Tanjay Negros Oriental
Greece Legalizes Same-Sex Marriage and Adoption Rights
Monica Bellucci - Ti Amo
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Michael Jackson - Billie Jean Milena The Voice France 2018
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Michael Buble (Help Me Make It Through The Night) feat Loren Allred
Memories Canon In D - Maroon 5 (Boyce Avenue piano acoustic cover)
Matteo Simoni - Marina
Maroon 5 - One More Night
Maroon 5 - Memories
Mark Knopfler - Brothers In Arms (Berlin 2007 Live)
Mark Knopfler & Emmylou Harris - Romeo And Juliet (Real Live Roadrunni
Marina, Marina - The LUCKY DUCKIES intimist live concert at Guimarães
Major Lazer & DJ Snake – Lean On Mauranne The Voice France 2016
Love Theme from Romeo and Juliet - Joslin - Henri Mancini, Nino Rota
LoLa & Hauser - Love Story
Linkin Park Jay-Z - Numb Encore (Live 8 2005)
Hallelujah Mennel Ibtissem, The Voice France Leonard Cohen
Leonard Cohen - Dance Me to the End of Love
Leonard Cohen & Natasha Rostova - Dance me to the end of love
La casa de papel - Bella Ciao
La Camisa Negra
L'italiano (Toto Cutugno) - The Gypsy Queens
Juanes - La Camisa Negra
Jonathan and Charlotte - Britain's Got Talent 2012 Live Semi Final - U
John Powell - Assassin's Tango
Joe Cocker - You Can Leave Your Hat On (LIVE in Dortmund)
Joe Cocker - Unchain My Heart 2002 Live
Joe Cocker - A Whiter Shade Of Pale
Jay Z & Alicia Keys - Empire State of Mind LIVE
Jason Mraz - Im Yours (live)
Jarrod Radnich - Bohemian Rhapsody - Virtuosic Piano Solo
James Blunt - You're Beautiful
James Blunt - You're Beautiful & Bonfire Heart (Live at The Nobel Peac)
If You Go Away - Helen Merrill & Stan Getz (Tribute to Virna Lisi)
I'LL BE MISSING YOU
I Say a Little Prayer
Hotel California ( Eagles ) 1994 Live
Historia de un amor - Luz Casal. Vezi interpretarea Biancăi Sumanariu
Here Comes The Sun - The Beatles (Boyce Avenue acoustic cover) on Spot
Heart - Stairway to Heaven Led Zeppelin - Kennedy Center Honors
HAVANA by Camila Cabello Zumba Pre Cooldown TML Crew Kramer Pastra
HAUSER and Señorita - I Will Always Love You
HAUSER - Waka Waka
HAUSER - Sway
HAUSER - Lambada
HAUSER - Historia de un Amor
HAUSER - Despacito
Great Pretender
Georgia May Foote & Giovanni Pernice Samba to 'Volare' - Strictly Come
Gary Moore - Still Got The Blues
GIPSY KINGS VOLARE Penelope Cruz
Fugees - Killing Me Softly With His Song
French Latino - Historia de un Amor
For A Few Dollars More The Danish National Symphony Orchestra (Live)
Flashdance • What a Feeling • Irene Cara
Filip Rudan - “Someone You Loved” Audicija 4 The Voice Hrvatska Sez
Eric Clapton - Wonderful Tonight
Enya - Only Time
Enrique Iglesias - Bailando (English Version) ft. Sean Paul
Enrique Iglesias - Bailamos
Elena Yerevan Historia de un amor
Ed Sheeran - Shape of You (Official Music Video)
Ed Sheeran - Perfect Symphony [with Andrea Bocelli]
Ed Sheeran - Perfect (Official Music Video)
Easy On Me - Adele (Boyce Avenue 90’s style piano acoustic cover) on S
ERA - Ameno
ELENA YEREVAN- Cancion Del Mariachi-IN STUDIO-2017 DPR
Dust In The Wind - Kansas (Boyce Avenue acoustic cover)
Don't Let Me Be Misunderstood
Despacito x Shape Of You - Pentatonix
Deep Purple - Child In Time - Live (1970)
David Foster When A Man Loves A WomanIt's A Mans World (SealMichael Bo
Dance me to the end of Love ( Pi-Air Design )
Coolio - Gangsta's Paradise (feat. L.V.) [Official Music Video]
Conquest Of Paradise (Vangelis), played on Böhm Emporio organ
Cielito Lindo
Chico & The Gypsies - Bamboleo
Canción Del Mariachi - Antonio Banderas, Los Lobos • Desperado
Camila Cabello - Havana (Audio) ft. Young Thug
Camila Cabello - Havana ( cover by J.Fla )
California Dreamin' - The Mamas & The Papas José Feliciano (Boyce Ave
Buster Benton - Money Is The Name of The Game
Hallelujah Pentatonix
Bobby McFerrin - Don't Worry Be Happy (Official Music Video)
Bob Dylan - Knockin' On Heaven's Door Emilia The Voice Kids France
Besame Mucho - Cesaria Evora
Ben E. King - Stand by Me Sax Cover Alexandra Ilieva Thomann
Bella Ciao
Bella Ciao - INSTRUMENTAL
Beautiful in White x Canon in D (Piano Cover by Riyandi Kusuma)
Bad Romance - Vintage 1920's Gatsby Style Lady Gaga Cover ft. Ariana Savalas & Sarah Reich(1)
BELLA CIAO 2020 - KARAOKE ITALIANO
BAMBOLEO - Gipsy Kings • Antonio Banderas, Katya Virshilas
BAILANDO (original)
Awesome Ukrainian yodeler - SOFIA SHKIDCHENKO (with English subtitles)
Avicii - The Nights
Atom - The Great Gig in the Sky
Aretha Franklin - (You Make Me Feel Like) A Natural Woman (Official Ly
Antonio Banderas - Cancion del Mariachi (Desperado)
André Rieu - Zorba's Dance (Sirtaki)
André Rieu - Can't Help Falling In Love
André Rieu & Mirusia - Ave Maria
Andrew Reyes Elton John - Don't Let The Sun Go Down The Voice 2020 (
Andreas Kümmert Whiter Shade Of Pale The Voice of Germany 2013 Showd
And I Love You So
All About That Bass - Postmodern Jukebox European Tour Version
Alan Walker - Faded (Piano Cover)
Ain't No Sunshine -- Bill Withers (cover by Canen 12 y.o.)
African music
Adriana Vidović - “Creep” Audicija 4 The Voice Hrvatska Sezona 3
Adriana Vidović - “Believer” Nokaut 3 The Voice Hrvatska Sezona 3
A Fistful of Dollars - The Danish National Symphony Orchestra and Tuva
4 Beautiful Soundtracks Relaxing Piano [10min]
2CELLOS - Whole Lotta Love vs. Beethoven 5th Symphony [OFFICIAL VIDEO]
2CELLOS - Smooth Criminal (Live at Suntory Hall, Tokyo)
2CELLOS - Smells Like Teen Spirit [Live at Sydney Opera House]
2CELLOS - Despacito [OFFICIAL VIDEO]
13 Year Old Girl Playing Il Silenzio (The Silence) - André Rieu
094.All About That Bass
00 - SADNESS PART 1
(Ghost) Riders In the Sky (American Outlaws Live at Nassau Coliseum, 1
(Everything I Do) I Do It For You - Bryan Adams (Boyce Avenue ft. Conn
What a wonderful world
Moon river
×