In recent research from Intuit Credit Karma, some 52% of all UK adults reported that they already are, or would consider, using a savings tip from social media. The majority who took financial advice from social media reported that tips from TikTok in particular had improved their finances. The money man himself, Martin Lewis, has almost 900k followers on the platform. So what impact is this having on how we consume financial education?

Traditional financial institutions are known for their formal, often jargon-heavy communication style. But #FinTok, the financial corner of TikTok, is rapidly altering how banks and financial institutions communicate with younger audiences. This shift is forcing traditional finance brands to rethink their marketing strategies and adopt new ways of engaging with Gen Z and millennial consumers.

According to TikTok, there’s been an overall 373% rise in financial content on the app over the last year. The platform says that 70% of its users have indicated that financial topics are important to them, while more than 80% of users are taking action based on TikTok finance advice.