Financial Advice Is Sweeping TikTok, For Better Or Worse

A new trend is taking TikTok by storm. Are you a down on your luck individual, bogged down with bad credit and student loans? Content creators are here to help you with short, snappy videos that will help you navigate your financial woes and build your way to the top!

Of course, the actual practical applications of such ideas are up for debate. TikTok, a Chinese video sharing social media platform, is an entertainment site first and a purveyor of fiscal responsibility second. With 800 million estimated users, it has become a trend-setting giant on par with the likes of Facebook. While the app is most commonly known for its association with millennials and the even younger Generation Z, its become a home for all sorts of people and conversation, housing memes, lip synching, short comedy skits, etc. With such a diverse group of users, hailing from different countries across the globe, literally any sort of subject matter could get a chance in the spotlight. In a very bizarre example, a group of Kpop fans on TikTok started an “online prank” on President Donald Trump by paying for seats in his now-infamous Tulsa rally, ensuring a smaller audience. However, financial advice getting its 15 minutes of fame seems almost like the most natural step for the app.

The youth of our generation are starting to open their eyes to the maligned financial problems brought on by late-stage capitalism. With student debt at an all-time parasitic high, housing and infrastructure becoming less available and more expensive, financial advice is becoming an incredibly relevant subject for them. Small startups and businesses are also suffering, as large monoliths and conglomerates keep a stranglehold on the market. Now, while tackling such monopolies is a bit of a stretch for the everyman, learning some hot takes about tax exemptions and LLCs is not. Creators such as @vanader and @mrcolekelley are even creating entire accounts dedicated to teaching fiscal responsibility to anyone who can benefit from it.

Of course, considering how expansive TikTok’s user base is, some issues of authenticity do arise. One must remember that TikTok is primarily an entertainment based site, with a majority of its content revolving around lighthearted humour and dancing trends. With no way to check credentials, or even to verify if the person is truly serious about the information they’re disseminating, information regarding credit card life hacks and other such alluring taglines can be dangerous. User @kingzippy made a video urging people to buy multiple credit cards, max out one and then pay for it with the other. Such frankly dangerous advice (which according to his channel is meant to be a joke), could easily dupe younger individuals who, simply put, don’t know any better.


Photo: Jakub Porzycki/NurPhoto via Getty Images

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