- January 30, 2022
- Posted by: Bastion team
- Category: World News
VIDEOS TAGGED #moneytok have had 10.6bn views on TikTok—more than #tacotuesday, #gossip and #cookingtiktok. Creators can use the tag to signal that their posts are part of a genre on the short-video platform that offers financial advice. In posts lasting less than a minute, Mandi Woodruff-Santos posts career and investment tips to her 27,500 followers. Ms Woodruff-Santos, who was born in Atlanta, Georgia, says that her working-class parents did not discuss investments at the dinner table, and her education left her with little knowledge of how to manage a credit card or to negotiate a raise. Now she and other influencers help their followers with their money woes.
It has not quite gained the notoriety that Reddit, an online forum frequented by many retail punters, earned during the spectacular rise of GameStop stock last year. But TikTok, which has 1bn users worldwide, is introducing many young Americans to the world of savings and investment. Nearly a quarter of investors aged 18 to 40, and 41% of those between 18 and 24 years old, have sought financial advice on the platform, according to a survey conducted last year by Magnify Money, a website.
Videos can rely mainly on text (“HOW TO BEAT CREDIT CARDS” or “Adulting 101”), or might feature cute kids or dancing. Some creators use their experience to explain financial concepts. Mark Tilbury, the…