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A Change in Financial Literacy: What Is #FinTok?

TikTok is one of the most popular social media platforms among college students today. For Gen Zers, it’s the new search engine. Young people are turning to it to find financial inspiration and discover new ways to make and save money. They like it because it’s much more digestible than the lessons you might find in a textbook. These days, TikTok users can learn about personal finance in under 60 seconds!

What Is #FinTok?

#FinTok has become more than a trendy hashtag. It’s reshaping how we think about finances in this digital age. Because social media is such an integral part of our lives, many young people are using platforms like TikTok to teach themselves about all things money:

  • Saving money
  • Spending wisely
  • Putting money to work
  • Best credit card offers
  • Side hustle ideas
  • Credit scores
  • Retirement planning
  • Budgeting for vacations
  • Blockchain technology
  • Cryptocurrency
  • Stocks
  • Investing strategies
  • And much more!

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#FinTok: Helping College Students Budget and Save

College students are developing stronger financial literacy by watching #FinTok videos in their free time. Every day, users post videos about budgeting, investing, and spending their money.

For example, someone may share his journey about how he saves $100 per month by clipping coupons from newspapers and buying products from Costco in bulk. Others have published videos showcasing their frugal lifestyle choices. It’s not uncommon to hear stories about how people saved up for their dream cars by saving through side hustles in college!

These relatable, short videos are compelling because they demonstrate that it’s possible to access life-changing experiences while being fiscally responsible.

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Things to Keep in Mind When Watching #FinTok Videos

As you scroll through your TikTok feed, it’s crucial to be mindful of the kind of content you digest. Since it’s a free-for-all kind of platform, people can easily spread misinformation. Here are some things to keep in mind to ensure you’re getting valuable knowledge:

  • Make sure that the video is from someone you trust. Haven’t seen or heard about the person or organization who created the video? Do some research on them first.
  • Watch videos from people with a robust social media following and a good reputation. A popular financial influencer could be better at conveying a message than someone with fewer followers because they’ve had more practice. They also likely have more resources available to them, which often means top-notch videos.
  • Verify that each #FinTok video you watch is up-to-date and relevant to what’s happening right now. TikTok is pretty good about showing new content to its users, but it’s always good to do your due diligence and fact-check.

Is #FinTok Good for Financial Education?

Before TikTok, many found financial literacy to be a boring and complicated topic. With the help of #FinTok, this has changed. The great thing about it is that it’s free for anyone to join. The videos are usually up to a minute long, which makes it easier for people with short attention spans to digest information. TikTok features real people who share their personal stories on financial experiences. Others can relate to their journey toward gaining financial literacy.

How #FinTok Is Reshaping Financial Literacy for Younger Generations

#FinTok is revolutionizing the way young people learn about finance. It’s an excellent way to look at money in a new light. Countless financial experts are sharing their knowledge in a lighthearted way that makes it easy for most to understand. But there are also tons of social media influencers with no formal training in finances. As long as you know not to believe everything you see, TikTok is a fantastic source of inspiration and general tips.

Budgeting in College Can Be Fun

As you can see, there is no shortage of ways to learn how to be money-smart. If you haven’t joined the #FinTok train yet, give it a try and learn something new each day! It doesn’t cost you a penny, and you can watch brief videos while cooking or eating dinner. As you discover innovative and creative ways to manage your money, you’ll be able to better budget for essentials, pay for college, and enjoy life.

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