With #financialliteracy gaining 309k views on TikTok, it’s clear Gen Z are now using it to educate themselves about something you may not expect: money.
In a recent study from Shepherds Friendly, data has shown that TikTok is becoming the preferred destination for Gen Z when it comes to financial advice with over a quarter turning to the social media platform for insight into finance topics.
TikTok is the main financial education source for Gen Z
The top 10 sources Gen Z are turning to for financial advice
|Rank||Source of financial information||Age18-24|
|9||TV shows (e.g The Martin Lewis Money Show)||14.29%|
Here are some key findings of the wider study which saw Shepherds Friendly quiz Brits on their knowledge of personal finance:
- Just 27% of Brits passed the money literacy test, meaning almost three-quarters struggle with financial literacy
- TV shows (such as The Martin Lewis Money Show) are the second most popular way for Brits to gather information on personal finance topics and the most common way those aged 55 and over (36%) are sourcing their information on money related topics
- Overall Brits are mostly sourcing information on personal finance from their banks (29%)
- Those in Southampton proved to be the most financially literate Brits with 38% answering the quiz questions correctly, while Glasgow came out as the least financially literate city with just 16% of respondents getting our quiz questions correct
Derence Lee, Chief Finance Officer at Shepherds Friendly commented the results: “As the majority of the people surveyed lacked confidence in their stocks and shares ISAs knowledge, this indicates individuals potentially aren’t using the most suitable savings vehicle for their needs”.