TikTok now acts as a daily learning space for young savers. Research from Raisin UK’s Great British Savings Report shows almost two thirds of people aged 18 to 24 turn to social media for money tips. TikTok leads that list at 26%, ahead of Instagram at 14% and X at 11%. Less than 1% of over 55s use TikTok for this purpose, showing a sharp age divide.
Short videos are great for an audience that wants fast explanations. TikTok says views of finance and investing clips under the FinTok label came up around 275% year on year. Raisin UK links that growth to frustration with technical language. The report says 13% of Gen Z felt put off opening a savings account after reading terms and conditions.
Online learning also connects to real behaviour. Gen Z saves an average of £226 each month, slightly higher than the £220 saved by those aged 45 to 54, according to Raisin UK. A quarter of people aged 18 to 24 save for a house deposit, placing property ahead of holidays. TikTok has become a place where saving feels more relatable and less intimidating.
How Are Young People Acting On Advice Found On FinTok?
Many young adults do more than watch videos as Raisin UK found that around 1 in 5 Gen Z use AI tools such as ChatGPT for money guidance. The national rate is 10%, which means stronger digital habits among younger users. TikTok fits into a wider mix of tools used alongside friends, family and banks.
Confidence levels tell another story with only 21% of Gen Z feeling fully confident about their savings set up, compared with 42% of over 55s, according to Raisin UK. That gap helps explain the appeal of spoken clips that explain interest, ISAs or budgeting in everyday language.
Kevin Mountford, personal finance expert and co founder of Raisin UK, said, “For many young savers, Fintok has turned financial literacy from something intimidating into something fun and interactive to learn about.” He said digital platforms match how younger people already learn and communicate.
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Saving also happens with the financial strain. Two thirds of people aged 18 to 24 went into savings last year, more than any other age group. Raisin UK links that pattern to high living costs and housing goals. TikTok advice often centres on coping tactics such as budgeting apps, automated saving and extra income ideas, themes that mirror those realities.
What Risks Come With Getting Financial Advice From TikTok?
A compliance review of TikTok posts by platform Adclear found that 68% of financial influencers broke at least one Financial Conduct Authority rule. Common problems included missing disclaimers, inflated claims about returns and promotion of high risk products without proper explanation.
These issues count because viewers often act fast. The Raisin UK survey shows 41% of savers chose a savings account on the same day they found it, and 35% skimmed the terms and conditions. Acting on a confident video without checks can lead to poor outcomes.
Kevin Mountford said: “Users must be vigilant. While the content on social platforms is often more fun and engaging, it is not always accurate,” he said. He pointed people to the FCA firm checker and the Financial Services Register so they can check authorisation before acting on any guidance.
The rise of FinTok also sends a message to banks and savings platforms. Younger audiences learn through apps, now. Raisin UK says brands need to meet people where they already spend time, using language that feels accessible and formats that build trust.
