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…
