Millennials turn to TikTok for financial tips & savings tricks

While some have used self-isolation as an excuse to bake copious amounts of banana bread and brush up on their painting skills, millennials have been busy working on their TikTok careers. With 112 million downloads in February alone, TikTok is now the #1 most downloaded app of 2020.

But don’t be fooled, the app isn’t just about viral dance moves and comedy skits anymore. TikTok has officially become a millennial’s source of truth for financial tips, savings tricks and budgeting basics.

With millennials flocking to TikToker’s like Humphrey Yang (@humphreytalks ) and @LogicalFinance who break down budgeting, investing, tax and other tricky finance topics into easy-to-digest 60-second videos, we’ve seen an entire TikTok finance community begin to emerge.

This new niche of TikToker’s aims to help fill the gaps for millennials on real world personal finance skills that aren’t always taught in school. However, while there are many positive educational finance videos circulating on TikTok, there’s also a lot of misleading ‘get rich quick’ type content on the app which should be taken with a grain of salt.

As always, it’s important to approach these finance-related TikToks with the same level of judgement you’d apply before engaging with any other content found on the Internet.

So where else are millennials going for money tips?

Aside from TikTok, here are some of the other sources that millennials and the like are turning to for money tips:

Podcasts like The Finance Burrito:

In 2020, podcasts are more popular than ever before and there seems a show out there for just about every topic, finance being no exception. Our podcast recommendation to you would have to be The Finance Burrito (A.K.A the hottest new show that’s all about the dough). 

Each episode hosts our own Mozo Money-writers Tom and Liv break down confusing finance topics into delicious bite-size pieces, bring on special guest stars to get the ‘sauce’ straight from the experts, then spill the beans on their juiciest money confessions and stories!

It’s a one-stop-shop for all things personal finance, so get around it if you haven’t already, folks!

Finance influencers & social media accounts:

In addition to TikTok, you can also find loads of finance influencers and accounts floating around on some of the other social media platforms, such as:

Instagram:

• Alexis Investor (@financiallybrave): If you’re new to budgeting, saving and investing, then Alex Investor is your gal! Not only are her posts extremely pleasant to look at, but they’re also super informative and full of nuggets of wisdom - which is especially useful for beginners.
• The Financial Diet (@thefinancialdiet): Next on the personal finance Insta-train is The Financial Diet. This account is full of quotes and handy money tips to help you fine-tune your finances.
• @TheFinanceBurrito : Follow The Finance Burrito Podcast Instagram page for money hacks, stats, memes and loads of other informative yet aesthetically pleasing personal finance content.
• @Mozo.com.au : Queue the shameless self-promo but… if you’re looking for another millennial-approved personal finance account then be sure to check out the Mozo Insta account. There you’ll find tonnes of useful infographics, articles and lots of other helpful money-related content.

Some other finance-focused Instagram accounts to check out are Liv (@thestingy.bitch) and She’s On The Money (@shesonthemoneyaus).

Twitter:

• The “Barefoot Investor” (@scottpape): If you’re keen to broaden your financial horizons then this one’s a given. If you’re not already following Scott Pape (the author of best selling Aussie book ‘The Barefoot Investor’) on Twitter, then make that button blue, stat!
• Millennial Money Man (@GenYMoneyMan): If you’re a sucker for a good money meme then finance blogger the Millennial Money Man’s account is sure to become your new go-to!
• @tomgodfreynews : A total must-follow! If you're keen for tweets about personal finance, consumer affairs, environmental issues and all things wine and gelato - then be sure to follow our very own Tom Godfrey!
• @Mozo.com.au : Lookout, another shameless promo coming your way! No, but seriously, if you aren’t already following Mozo on Twitter, then get on it. Not only do we share all of our latest articles daily, but we’re always first on the scene when it comes spilling the tea on RBA rate changes or new industry trends.

Don’t know the difference between a ‘redraw’ and a ‘draw four’? Then pack away the UNO cards and pick up our Little black book of finance: A jargon buster for millennials. Use this cheat sheet to learn all the lingo and never flake out of a finance conversation again!