In recent years, TikTok has become a social media behemoth. The platform now has little more than 800 million members and most of them belong to Generation Z — those who are born around 1997.
TikTok isn’t a place where one expects serious content. It’s mostly synchronized dances, short skits and celebrity impersonations that dominate this video-sharing app.
After all, what else can you create in 15-60 second?
But as it turns out, TikTok isn’t just for teenagers interested in performing to Doja Cat’s songs. In recent months, the app has become an unlikely source of some potent personal finance advice.
#PersonalFinance Infuencers on TikTok
As of writing, the videos under #PersonalFinance have around 227.1 million views on TikTok.
Unlike YouTube where influencers can make 10-20 minute long videos explaining complicated financial concepts —TikTokers are bound by a 60 second time limit.
This creates an interesting challenge where #PersonalFinance accounts have less than a minute to reach out to a young audience. Despite this, these influencers are guiding their viewer to build a healthy and constructive relationship with money.
Considering 63% of Americans are financially illiterate and only six states mandate personal finance courses in high-school, these TikTok accounts are a Godsend.
So whether you’re a TikTok regular looking to explore more than just dance challenges, a parent who wants to get a teenager into responsible money-spending or a finance expert seeking a new platform — you might want to check out the following personal finance TikTokers.
Personal Finance TikTokers to Learn From
1. @themoneyceo (Ryan Francis)
With 112,700 followers, Ryan Francis is one of the better known personal finance influencers on TikTok.
His short clips consist of everything from advice on car payments to explanation of Roth IRA rules.
He is also well-versed in investment topics and creates motivation content as well. Francis’ skill of explaining somewhat complex concepts in simple words is the reason why he has earned followers in excess of 100,000.
2. @dr.bradklontz (Dr. Brad Klontz)
Unlike some of the other financial experts on the platform, Dr. Brad Klontz is a published author who has been featured in New York Times and Washington Journal.
He’s a financial psychologist who mostly focuses on the mental aspect of personal finance.
Most of the time, Dr. Knotz is seen busting myths about wealth creation and taking down bad financial advisors on the app.
His charismatic delivery makes an entertaining viewing experience, which is the reason for his popularity in the younger demographic.
3. @coupon_katie (Katie Swanson)
Katie Swanson is a former retail manager that gives advice on extreme couponing (saving money on every purchase).
She is a mother of two who doesn’t believe in paying the full price.
Her unapologetic behavior towards using coupons for saving money has made her a star on TikTok.
Keeping true to her slogan ““No shame in my coupon game”, Katie fights stigmas around couponing through dance numbers and also rewards her viewers with latest deals and discounts on a number of brands.
4. @humphreytalks (Humphrey Yang)
Humphrey Yang has more than 671,800 followers along with 7.8 million likes.
His massive following usually tunes in for learning about entrepreneurship, smart purchasing and investing. Occasionally, Yang throws in a funny video as well.
In some of his recent videos, Yang has discussed the cost of Matcha, created a 30 day saving challenge and discussed Jeff Bezos net worth through a pile of rice. It is this ingenuity and innovative content that makes Yang a must follow on TikTok.
5. @thelaymaninvestor (Rahul Rai)
Currently, Rahul Rai has around 155,000 followers and 1.5 million likes on TikTok.
Much of his videos revolve around critiquing other personal finance experts on the popular video-sharing app. Those with factual and practical financial advice earn his praise while others are often met with criticism.
Along with mythbusting, Rahul Rai talks about his favorite personal finance books, engages with the community and gives his perspective on wealth while busting out some moves to popular Bollywood tracks.
6. @MrColeKelley (Cole Kelley)
As a finance teacher, Cole Kelley teaches high school students everything about saving and spending.
When he’s not performing his duties at the school, Mr.Cole takes his expertise to TikTok where he has more than 22,000 followers.
Most of his videos guide young viewers who may be saving up for college, seeking scholarship or looking for small investment opportunities. Mr. Cole is the personal finance teacher we wish we had in high school.
7. @Kimi.Du (Kimi Du)
Like many of her peers on the app, Kimi’s videos are also mostly targeted towards younger audiences who may not be familiar with basic ideas of personal finance.
She has garnered 119,000 followers and 2 million likes on the platform.
Kimi pushes her followers to be more productive and arms them with both marketing and personal finance knowledge. The teenage influencer also recommends them reading materials on these subjects.
Take It With a Grain of Salt
While TikTok has some extremely qualified and knowledgeable personal finance experts, the app also has its fair share of influencers promoting “get-rich quick” ideas.
Alex Reynolds writes about personal finance at ClothingRIC. He believes there are quite a few TikTok accounts with big following giving out wrong ideas to young viewers.
“Some of the financial gurus on TikTok are straight up telling their viewers to gamble and make ridiculous investments” He explains. “This is extremely dangerous especially when you consider the age group of most TikTok users.”
Although it’s good that users on the popular Chinese app are interested in financial advice, the intricacies of investment, spending and saving cannot be fully comprehended within a minute.
Rather than considering it as the primary source of financial advice, TikTok should be seen as a good starting point.
About The Author
This is a guest post by Emma Thomas – a millennial body with a boomer soul. She writes about money saving and personal finance and is currently working with EMUCoupon.