Can “FinTok” help you get your finances in shape? Beware these pitfalls



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From viral dances to home organization taking everything out first Tik Tok has something for everyone including Financial advice cutting out lattes and avocado toast won’t make you rich but here’s what will videos like this one are becoming increasingly popular nerd wallet’s Shannon Terrell tells us the movement has gained so much traction

That it has garnered its own hashtag fin talk now there are over 4.4 billion views of videos on Tik Tok with this hashtag gin Fowler doesn’t have a background in personal finance but says she learned how to manage money from her family Fowler says she started her

Channel to help fill gaps in people’s knowledge I feel like our approach to financial literacy and teaching personal finance education is pretty backwards there basically is none and we’re sort of expected to step out into the world as adults and figure f it out then in

Just 2 and a half years Fowler has gained over 125,000 followers within a few weeks I had some videos that were getting up to millions of views the growth has been insane inflation is also fueling demand for these videos as more people look for tips on how to better manage their money

Many Tik Tok users are also younger and Investing For the first time but and it’s no surprise getting your financial advice on Tik Tok comes with risks these platforms aren’t regulated anybody can set up an account and say almost anything that they’d like and just because it’s viral doesn’t mean it’s

True investing scams multi-level marketing ployes potentially risky side hustles the list goes on financial advisers say it’s important to do your own research and stare clear of any get-rich quick schemes essentially if something sounds too good to be true it probably is Nita ganguli Global News Toronto

Many Canadians looking to save, invest and grow their wealth are turning to an unlikely source for financial advice—TikTok.

Financial advice is a popular topic on TikTok, with videos grouped under the ‘FinTok’ tag receiving 4.4 billion views according to an analysis by NerdWallet Canada.

For many young people who don’t have a direct contact at their bank or a financial planner, sites like TikTok may be a go-to destination for financial guidance. But experts say turning to social media for such advice has its pitfalls.

Nivrita Ganguly has more on the trend and the potential risks.

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