How TikTok did the impossible in personal finance – The Globe and Mail

The spectacle of young people excited about personal finance is playing 24 hours a day on the social media platform TikTok.

The TikTok format is short videos in which young people sing, dance and talk to each other about pretty much anything, money and investing included. The money-themed videos mirror the broader world of personal finance and investing content in that they’re all over the map. There’s some miraculously direct, clear and helpful advice, some outright nonsense and some salesy stuff that can veer into scamming at times.

Globe personal finance editor Roma Luciw and I take a look at TikTok’s personal finance content in the latest episode our the Stress Test personal finance podcast. For me, the impressive thing about TikTok is how it engages young people on the topic of money. Topics covered in TikTok videos include budgeting, saving, home buying, investing and using tax-free-savings accounts. There’s an energy and sense of fun on TikTok that is noticeably absent in other ways financial literacy is taught.

TikTok’s popularity on money-related topics may to some extent reflect the personal finance hothouse we’ve lived in since the pandemic began. People of all ages have been drawn into their finances by a mix of job losses, stock market and cryptocurrency drama and a housing market boom. But TikTok has a more lasting benefit in that it offers a way for young people to discuss money matters among themselves, without the judgments and pronouncements of older generations.

Experience does count for something in personal finance and investing, though. So if you’re getting your financial information from TikTok, consult other sources of information as well. Let TikTok introduce you to a topic, and then fill in the details elsewhere.

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Rob’s personal finance reading list

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A long list of tips for distinguishing between worthwhile personal finance voices on TikTok and Instagram from scammers trying to separate you from your money.

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