Stress Test transcript: How TikTok changed the vibe of personal finance advice – The Globe and Mail

You had your best-laid plans and then COVID-19 came along and hammered the entire economy. But you’ve got this – if you have the right information. Join Rob Carrick and Roma Luciw on Stress Test, a podcast guiding you through one of the biggest challenges your finances will ever face.

ROB: Finding personal finance advice used to be pretty straightforward. People would go to their banks, talk to financial advisors or get tips from the media – say, from their favourite newspaper columnist.

ROMA: But there’s a new place that’s far more popular with 20-somethings. Gen Z and millennials are getting a lot of money advice from TikTok, the social media platform known for its viral dance videos.

ROB: Welcome to Stress Test, a personal finance podcast for Millennials and Gen Z.

ROMA: I’m Roma Luciw, personal finance editor at The Globe and Mail.

ROB: And I’m Rob Carrick, personal finance columnist at the Globe.

ROB: Today we’re talking TikTok. Personal finance videos have more than 5.8 BILLION views on the platform. Roma, what do you make of this trend?

ROMA: Well, young people are on TikTok. That’s where they’re getting their news and entertainment. So it makes sense that this is where they’re finding their first financial information. Most financial advice out there from traditional sources, it’s not created with 20 somethings in mind. It’s for wealthier, older people. So it doesn’t always resonate with a younger audience that’s dealing with their own specific set of financial issues. Rob, the big thing in my mind is discussing the quality of the money education and advice that’s out there. There is a big difference between getting personal finance advice versus stock trading tips. What do you think about that?

ROB: You know, the TikTok to me is like the whole rest of the personal finance universe. There’s people out there who it’s a hobby, and they just want to spread the good word. There’s people out there who are getting sponsorship money to promote a bank product or an investing product. And then there’s people out there trying to sell an investing system or a stock picking technique, and they’re just in it for the money. You need to be a savvy consumer of this information. One of the …….


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