TikTok has become the leading source of financial information for Canadian users under 45, surpassing financial institutions, advisors, and personal connections. This trend is reflected in the rise of #FinTok, a hashtag used for financial advice and insights on the platform.
Over the past year, financial content on TikTok has seen a 373% increase. The platform reports that 70% of its users consider financial topics important, and over 80% act on the financial advice they receive on TikTok.
However, the platform also warns users to be cautious of scams and self-serving advice. Despite these risks, the popularity of financial content on TikTok presents a significant opportunity for financial service brands.
According to TikTok, two-thirds of Canadian users are interested in financial content from brands, and 77% want brands to create educational TikTok videos. This trend indicates a growing opportunity for financial literacy and education on the platform.
While direct investment advice should be approached with caution, these statistics are likely to interest those looking to reach audiences with financial offers and opportunities. For more details, TikTok's full #FinTok report is available here.
