Young people on TikTok are planning No Spending January challenges. The hashtag #NoSpendJanuary currently sits at 46.7M views, with videos showing users documenting their attempts to reduce expenses. These ”no spend” challenges still include paying for necessities but cut out any excess spending to challenge many shoppers’ belief that buying certain products will bring them happiness and a sense of completeness. These challenges aren’t exclusive to January, being done year-round with different savings goals by creators racking up tons of views, but the new year certainly encourages the challenge. While TikTok’s money-saving challenges may not directly contribute to a major financial win like buying a home, young people are still taking note of advice for budgeting through high inflation. YPulse’s Fintech data shows nearly one in five young people trust TikTok to give them good financial advice, making “Fintokers” highly popular. (Dazed)
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