It was during a business trip to the southern Chinese city of Shenzhen in 2019 that Briton Mark Tilbury noticed “everybody” was using TikTok, the popular video-sharing app better known for pranks, dance challenges, lifestyle tips and trolling former US president Donald Trump.
Just as the world was entering Covid-19 lockdowns in March 2020, the self-made millionaire’s 22-year-old son, Curtis, thought it would be a good idea for his father to join the social media platform as so many of his friends were always asking him for personal finance advice.
Since joining the platform 11 months ago, the 53-year-old's TikTok account has exploded, garnering an impressive 5.9 million followers and more than 46.3 million views of his videos.
Mr Tilbury’s entertaining, down-to-earth financial advice – where he takes on a “good cop, bad cop” role – covers a variety of personal finance topics, such as how to avoid scammers and deal with loan sharks, the pitfalls of credit cards, the benefits of compound interest and even how to negotiate with car salesmen, among others.
With millions of Generation Z and millennials turning to social media to learn money skills during the pandemic, UK-based Mr Tilbury says the short-form video style of TikTok is the perfect platform to reach out to youth and help them understand the basics of personal finance.
“It was never about the numbers,” says Mr Tilbury, chief executive and founder of the UK-based Model World and Century UK companies, which specialise in the radio-control model sector.
“The problem is obviously with schools as they don't really teach you anything about finance. If you said to most 16 year olds, ‘What's an interest rate on a loan?’ They would probably say, ‘What's a loan’?.
“It's surprising because I thought there was more information out there than that. It's been quite an eye-opener but, obviously, the youngsters have come back,” he adds.
“There's a lot of little mistakes and potholes they are falling down along their [financial] journey and then wondering why it's not working out for them. So that's what I try and bring to the party based on my personal experiences.”
Similar to Twitter's FinTwit hashtag, the FinTok hashtag has been driven by an explosion in bored novice traders signing up for commission-free trading platforms such as Robinhood, eToro, Interactive Brokers and the UAE’s robo-advisory Sarwa during the pandemic lockdowns.
Hungry for information on trading advice, stock tips and smart money skills, novice traders have turned to TikTok, where they are pushing the FinTok hashtag to viral levels. At the time of writing, it had more than 163.9 million views, while the related hashtag StockTok was trending at 573.6 million hits and #investing at an incredible 1.6 billion views.
“Because of everything going on with the pandemic, it’s definitely a time that people are focusing more on their money,” Carol Glynn, founder of Dubai-based Conscious Finance Coaching, says.
“So many people have been made redundant. They are worried about their jobs and economies are suffering. There's so much unknown and that's when people start looking at their financial situation and looking for advice.”
Owned by Beijing-based technology firm ByteDance and launched in 2016, TikTok has about 800 million monthly active users and has been downloaded 1.65 billion times, according to the 2020 Global Digital Overview report by We Are Social and Hootsuite.
Meanwhile, 41 per cent of TikTok users are aged between 16 and 24, while 50 per cent of the social media platform's global audience is under the age of 34, digital marketing agency Omnicore says in its TikTok by the Numbers report.
However, the personal finance trend on TikTok also has its pitfalls. This has led to financial experts warning users to be aware of potential scams and predatory advertising, as well as avoiding TikTokers with no financial experience at all.
While educational content is booming on the platform, we know it is more important than ever to make sure that the information available on TikTok is accurate
One example of financially dangerous advice on the platform came from a TikToker who urged his followers to apply for multiple credit cards, max one of them out and then use the others to pay it off. In an effort to reach out to the inexperienced “Robinhood generation”, others offer stock tips for payment or ask followers to send them money so they can invest it on their behalf.
Bad personal finance advice on the platform can be a minefield for youth, Mr Tilbury says.
“They tend to believe everything they’re told to a certain degree,” he adds. “We tend to get a lot of people trying to scam our followers in the comment sections [of videos]. We spend days just deleting them and trying to hide them.
“If somebody wants you to send them money for them to invest for you, that should [ring] alarm bells.”
While the Robinhood day trading phenomenon has been present for quite a while, scammers and novice traders tend to evangelise risky investments during a bull market, says Vijay Valecha, chief investment officer at Dubai-based Century Financial.
“The unemployment surge during this time, with jobs lost in travel, hospitality and retail particularly, have fuelled this viral trend,” he adds.
“Playing over the opportunity cost of capital combined with psychological manipulations such as regret bias, scam artists tend to gain followers and promote risky investments. The best financial advice is based on an investment policy statement and cannot be contained in a 60-second video.”
Creating a safe and positive in-app environment for users is a top priority for the platform, Rami Zeidan, the head of video and creative at TikTok Middle East and North Africa, tells The National.
TikTok deploys a combination of policies, technologies and moderation strategies to detect and review problematic content and implements appropriate penalties, he adds. This includes a fraud and scams policy, which can be found on the platform.
“We take actions ranging from restricting certain features up to banning account access, based on the frequency and severity of the reported content,” Mr Zeidan says.
“Ensuring our users have access to reliable and accurate information is very important to us at TikTok. This is why we work round the clock to ensure we create and maintain a safe environment for our users.
“While educational content is booming on the platform, we know it is more important than ever to make sure that the information available on TikTok is accurate. This is a complex, industry-wide challenge and we are consistently evaluating and refining our protective measures in our ongoing commitment to our users.”
Nathan McFarlane, the founder of Dubai-based Help With Debt, an online platform that aims to educate and help UAE residents solve their debt issues, is a rising FinTok influencer in the Middle East with nearly 25,000 followers and more than 169,000 likes.
The former financial adviser spends up to four hours a day on the platform, engaging with his followers and filming and uploading a video once a day that primarily focuses on smart money tips.
Like most social media platforms, Mr McFarlane says the FinTok hashtag has its pros and cons.
“When there's something new out there, there's going to be people who do things for good, but there's also going to be crooks who do things to their own advantage to line their pockets,” he says.
“If TikTok is used correctly, it can educate a generation that simply weren't educated on personal finance before,” he adds. “If they go to good channels … they will [find] good information that they otherwise wouldn't have had access to.
“But the problem is when you're young, you're careless … and it's going to open up opportunities for bad people to take advantage of young people's understanding of situations. Obviously, with personal finance, that can be very bad because people [are] gambling their money away for it.”
However, Mr McFarlane believes that TikTok has revolutionised the way youth learn, giving them an opportunity to educate themselves about money and investing.
“This is an entire generation of people that realised they need to invest to build themselves a better future,” he says. “On the back of that, investing has become cool. They actively want to know about investing."
Financial literacy is essential in the modern world because it provides the knowledge and skills required to manage money effectively, says Mr Valecha of Century Financial.
While every investment carries a certain degree of risk, it is essential to understand how it works, the risks involved and the hidden costs associated with it, as well as your own risk profile and objectives, he adds.
“It is a necessity nowadays to invest in personal financial education, so that the current generation of young people grow up to be consumers who are capable of making responsible choices that pave the way to a healthy financial future for themselves and society,” he says.
To avoid being scammed and potentially losing your life savings, Ms Glynn, of Conscious Finance Coaching, says it is important to be sceptical of get-rich-quick schemes.
She recommends finding an independent adviser who has the qualifications and credentials to help with investments and financial goals, as well as doing your own research before making important financial decisions.
“There's so many scams out there and you can lose a lot of money very quickly,” Ms Glynn says.
“That can be very damaging to people, both financially and mentally. It's always good to get lots of different viewpoints, different recommendations and opinions, but [also] do your own research. If it feels like it's too much, too good to be true, it usually is.”
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
CREW
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Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
More on Quran memorisation:
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
