With the vaccine roll out in full swing, the world seems to be moving back to some form of normalcy. With that being said, the pandemic has definitely changed certain aspects of our life – not just in the way we move around (still dreaming of the day we can stop using masks and pouring out excessive amounts of hand sanitiser) but with a much bigger focus on the way we communicate and learn.
As many countries come in and out of lockdown, people have become more homebound and discovered new skills or talent. One social media platform that has definitely nurtured all levels of creativity and gained popularity across every generation (yes, even some Boomers!) is TikTok. What started off as a gimmicky entertainment tool to battle hours of boredom during lockdown has transformed the way we consume all content.
If you haven’t jumped on the TikTok bandwagon, unlike half the world, you are still yet to discover daily hacks for both your personal and professional life. TikTok has cultivated an educational environment by using quick and digestible bite-sized videos that teach you about almost every topic imaginable. No matter how complicated the subject, individuals take to the platform to educate their followers by simplifying information, giving advice, or sharing tips and tricks.
For most, when you think of TikTok, you probably think of the latest dance challenge or the viral Baked Feta Pasta recipe, but you’d be surprised to know that many have turned to the platform to view financial-related material. According to Greenlight, the debit card provider for children, 35% of their consumers aged 13-20 use TikTok for personal finance & investing recommendations. And that doesn’t even represent the whole platform!
Many educated professionals share investing, budgeting, and smarter buying advice to help millennials and Gen Z understand how to manage their financial wellbeing. And of course, you also have the average college student who happened to make $42,000 in 15 days (we’re pretty sure you’ve heard of ‘TikTok Investors’.) Though the platform seems to have revamped the way we improve our financial literacy, there are definitely concerns on the accuracy of some monetary recommendations – as is the case with most user-generated content. So, just remember to take what you see with a pinch of salt, but let it inspire you to do your homework and make informed decisions.