Money News: Gen Z Doesn’t Trust TikTok For Financial Advice

Gen Z trusts financial experts far more than any other generation, but they remain skeptical of TikTok advisers, according to a new report from GOBankingRates. While 64 percent of Gen Z (ages 18 to 24) said they trust financial experts completely or somewhat, 53 percent of Gen Z said TikTok was the least trustworthy source for financial advice. Gen Z is up against great financial odds, with the costs of higher education and homeownership skyrocketing. While financial experts can often help people reduce their debt and budget for the future, platforms like TikTok can often cultivate a following for unreliable experts.

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While 53 percent of Gen Z said TikTok was the least trustworthy source for financial advice, they remained the most trusting generally of finance experts at 64 percent. This was compared to 49 percent of adults ages 65 and over. Men also were more trusting in the GOBankingRates survey, with 65 percent expressing trust in experts versus 50 percent of women. Across the board, 44 percent of Americans said TikTok is the least trustworthy, and 32 percent said Instagram, Facebook or X were the least trusted.

Source: Newsweek