I Worried About My Teen Son and ‘FinFluencer’ TikTok, But Then I Fell Down My Own Rabbit Hole
A study by Intuit of 2,000 Gen Zers reports “social media contributes to feelings of inadequacy not just about our bodies, families or love lives, but also about our money.” (Further, the study said that 66 percent of Gen Zers say they are more likely to tell their friends about their sexual experiences than about their debt.) From personal experience, I can say that repression isn’t the way to solve a problem, so I’m hoping that lighthearted and encouraging posts can be shared by friends and family, starting an open dialogue about making smart financial choices.
4. Fact-Check Any Investment and Go Slowly
Everyone has their own philosophy of life and money, so I’m not here to yuck anyone’s financial yum. (Although, still waiting on that Euphonium crypto to show a profit, bestie!) However I’m concerned that my son or any young person’s interest in managing their money could be ruined if they took a big swing early on and suffered a massive setback. Therefore, I recommend doing extensive research on any tip that comes from a FinTok account (as from anywhere) and making conservative moves whenever possible at the beginning, whether we’re talking a high-yield savings account or a stock or yes, a crypto buy. And above all, I’ll be telling my son to consider the source of who suggested the financial move. Remember that these influencers are not credentialed; ask yourself what that creator gains by recommending it. (According to the CFA Institute, financial firms are hiring finfluencers to grab the attention and funds of 18-to-25 year olds, and the sponsored relationship may not always be readily apparent.)
TLDR: I’m telling my son to look at FinTok and appreciate it as a way to prioritize personal financial goals, at least as prominently as the sports, sexy people and hip-hop in his social media feed. Just don’t go believing that any one move needs to be fast and final—life is long, and there’s a lot to learn.