Gen Z is looking to “finfluencers” for financial advice. According to a Bankrate survey, the gen is “five times more likely to get financial advice from social media platforms than people aged 41 or over.” Gen Z is following in Millennials’ footsteps by putting less trust into old-school financial institutions and putting more trust into financial influencers instead. TikTok and YouTube’s “finfluencers” have amassed millions of followers and hold “an estimated market size of $104 billion.” Gen Z is more likely to trust newer platforms and apps that innovatively appeal to young investors and their financial wants and habits. YPulse’s Fintech report data shows that over a quarter of Gen Z trust both YouTube (28%) and TikTok (26%) to give them good financial advice. (WEForum)
