Why is personal finance advice going viral on TikTok? – Pocketful of Dirhams
Help With Debt founder Nathan McFarlane explains the FinTok craze and how to ignore scams, myths and predatory advertising
There’s a lot of content that goes viral on popular short-form video app TikTok these days. Think pranks, dance challenges, lifestyle tips and even the trolling of former US president Donald Trump thanks to a merry band of K-Pop fans and TikTok teens.
But there’s one surprising sector that Gen Zs and millennials are also embracing: personal finance advice. Dubbed FinTok, youth are flocking to TikTok channels that offer a range of entertaining smart money tips that help them understand the complexities of credit cards, loans, interest and even how to invest.
The FinTok videos are making stars out of their creators, who are attracting millions of engaging followers eager to learn all they can about smart money skills to boost their savings and income.
Some experts say the global Covid-19 pandemic lockdowns have created economic uncertainty for younger generations – and this is what's driving the FinTok trend.
Host Felicity Glover, the Personal Finance Editor at The National, is joined by Nathan McFarlane, the founder of Dubai-based Help With Debt and a rising FinTok influencer in the Middle East, who offers his advice on how to get the most out of personal finance advice on TikTok.
Listen to last week's episode on what millennials should do with their Covid cash piles:
Updated: February 4, 2021 09:35 PM