Social-networking app TikTok reached 3 billion worldwide downloads in 2021 — just 5 years since its launch. The app lets users create, edit, share, and watch short videos with a smartphone. TikTok's 689 million active users spend roughly 32 minutes on the app per day, second only to Facebook, at 33 minutes a day.*
You or your colleagues may be in this group. According to Putnam research, 21% of financial advisors are using TikTok for business.
Certain content creators, called influencers, have amassed huge followings during the app's rapid rise in popularity. Many have relationships with various brands and receive goods or compensation for endorsements and product or service mentions. Also, as of July 2020, "verified" influencers with over 10K followers and 100K video views in the last 30 days are paid for their efforts through a $1 billion TikTok Creator Fund.
Pop culture tends to highlight the more glamorous influencers, but 2021 has shown a rise in finance-focused "finfluencers" as well. Their pages help demystify investing by offering consumer-oriented financial advice, informative commentary, and resources for building investment portfolios.
Together, Generation Z and Millennials make up about 60% of TikTok users. This means there's likely a large audience of novice investors consuming the platform's financial content as they begin and continue their saving and investing stages of life. The following five finfluencers are shaping the future of investing with witty sound-bite videos that often lead to more substantive paid content or service offers.
5 TikTok finfluencers to watchThe "it" girl of StockTok (the financial corner of TikTok), Taylor Price is a 21 year old whose account is verified on the platform. She has over one million followers and 20 million likes. Her videos receive upwards of 50K views on average and blend education with entertainment. She stands out by presenting simple headlines appealing to the inexperienced investor, such as "6 Steps to Financial Stability" or "Should You Invest in Crypto."
Milan Singh, investment guru with over 2 million followers and 20 million likes, stands by his motto "education, not advice" throughout his content. His strategies include mock conversations between an expert and beginner investors, as well as a special focus on individual stock analysis. Singh's platform acts as a library for users navigating the world of personal finance.
With an average of 700K views per video by nearly 3 million followers, Humphrey Yang explores financial life hacks that are often overlooked by the beginner investor. Topics with high interaction include "What Credit Cards Don't Tell You" and his most viral "Money Hacks Pt. 2," which has over 25 million views. Yang is also verified on the platform and earns a portion of the TikTok Creator Fund.
Thach Nguyen prides himself on serving as a mentor to over 1.5 million followers. A real estate agent who once lived in a homeless shelter, his brand showcases his determination to see the light in a bleak financial situation. His videos address common financial hurdles, such as buying a first car or making mortgage payments. A "don't invest in this" theme is prevalent throughout his content, as well as "how to" and "do this" recommendations.
Faares Quadri has built a powerful presence on TikTok with over 2 million followers through his detailed videos and follower engagement. The 21 year old takes common concepts, such as 401(k) plans or Roth IRAs, and walks his audience through the specifics. Videos are structured as a mock conversation between a more educated advisor and a beginner investor, which accentuates the real-world applicability of his content.
* Insider Intelligence, Social Media Update Q1 2021, as reported by Oberlo.com.
Putnam Retail Management.