92% of TikTok users are inspired to take action after watching a TikTok video, whether visiting a site or researching a product. For Digital Banks, TikTok serves as an effective platform to market their financial services through engaging videos.
In March 2023, 37% of Filipinos turned to TikTok for both learning and leisure. Riding this wave, #FinTok, a TikTok sub-community, has become an accessible hub for financial education, guiding the majority who have bank accounts through the intricacies of finance. This trend has ushered in an era where financial discussions aren’t limited to pricey seminars or traditional channels. Instead, it connects directly with millennials and Gen Z, racking up a staggering 5.7 billion views on #FinTok videos. This positions #FinTok not as a fleeting trend but as a game-changer in enhancing financial literacy and enabling Filipinos to take charge of their finances.
#FinTok on the Rise
TikTok, beyond its entertaining videos, has become a hub for financial guidance, notably through the #FinTok movement in the Philippines. Utilizing concise videos and relatable influencers, it’s reshaping Filipino perspectives on personal finance.
1. What is FinTok?
#FinTok, a trending TikTok hashtag, zeroes in on personal finance and financial education. Born in the US, it has found an active audience in places like the Philippines, resonating especially with millennials and Gen Z. The platform’s bite-sized, visual content, made engaging by creators, simplifies complex financial topics. Unlike traditional financial platforms, it offers relatable insights, with credible financial professionals chipping in to ensure trustworthy advice.
2. Why is FinTok Gaining Popularity in the Philippines?
#FinTok is resonating with Filipinos as it offers straightforward financial insights into a complex monetary world. Through engaging, concise videos, it simplifies intricate financial ideas, making them more digestible. A unique aspect of this trend is its presentation of genuine success stories, inspiring others with relatable achievements. The platform’s relatable creators further enhance its appeal, as they share practical tips grounded in their experiences, positioning them as trusted financial guides. Essentially, #FinTok’s surge in the Philippines is driven by its accessibility, real-life examples, and genuine content creators, marking its influential footprint in the nation’s financial education landscape.
For instance, this TikTok video walks us through the creator’s experience using his new GoTyme bank account. Although only 1-minute in length, we are able to take a closer look at how this new e-wallet functions. The video presented a straightforward explanation of the pros and cons of the digital bank and the key features that set it apart from its competitors.
Learn About Your Finances Through #FinTok
#FinTok has emerged as a pivotal platform for financial education in the Philippines, blending viral trends with invaluable financial insights. This section of the blog explores its influence on Filipino financial literacy and the credible voices behind its content.
1. Basics of Financial Literacy
When we take a step into financial freedom, it is fundamental for us to understand money management, budgeting, saving, and investing. With TikTok’s #FinTok movement, younger Filipinos are now accessing this crucial education in easily digestible video formats. These videos, featuring practical tips and strategies, empower viewers to take charge of their finances, from monthly budgeting to recognizing the significance of emergency savings. With platforms like TikTok democratizing financial knowledge, there’s optimism for a future where more Filipinos, especially the youth, are well-equipped for financial stability.
Take a look at how this video explains how inflation works. Through the use of layman’s language, images, and graphs, the content creator was able to simplify a complex topic.
2. Cryptocurrency and Digital Finance
Riding the trends in the financial market, #FinTok is slowly introducing Filipinos to cryptocurrency and digital finance. The platform’s concise videos provide insights into cryptocurrencies like Bitcoin and Ethereum, discussing both their investment potential and associated risks. Beyond cryptocurrency, #FinTok sheds light on the expanding world of digital finance, emphasizing the advantages of e-wallets and online banking. However, when delving into this modern financial domain, Filipinos should tread with caution, seeking information from trusted sources and expert advice to make well-informed choices.
TikTok, being an unregulated platform, calls for responsible and educated use. Highlighting this, Broke Student Advice reviewed a video predicting cryptocurrency trends from another creator. He dissected the prediction, contrasting it with its status a year later, revealing its inaccuracy and “clickbait” nature. He concluded by urging viewers to choose the influencers and trends they follow.
3. Local Financial Instruments and Opportunities
The #FinTok movement doesn’t just cover global trends like cryptocurrencies; it also enlightens viewers about financial instruments and opportunities unique to the Philippines. A significant focus lies on the stock market, with creators discussing strategies for local stock investments and emphasizing their potential for wealth growth. They provide tips on researching and picking the right local companies for investment. Another highlighted area is mutual funds. Creators delve into their advantages, from diversification to professional management, guiding viewers to make informed choices.
This TikTok creator offers insights into the latest trends on the Philippine Stock Exchange. In his educational video, he highlights potential companies expected to go public by 2023 or 2024. Such content is vital for Filipinos, empowering them to strategize their investment plans.
#FinTok and Filipino Communities
#FinTok, blending engaging content with essential financial lessons, is revolutionizing how Filipinos manage their finances. In this section, we’ll explore its pivotal role in elevating financial literacy in the Philippines.
1. Increasing Awareness of Financial Opportunities
#FinTok, merging finance with TikTok, is a growing hub for those seeking informed financial insights. Content creators expertly mix engaging stories with solid financial guidance, appealing to audiences from Gen Z to baby boomers. These influencers highlight market trends, long-term strategies, and vital financial concepts. As #FinTok thrives, it champions financial literacy and bridges the gap between institutional finance and everyday investors.
2. Promotion of a Saving Culture
#FinTok’s rise is reshaping Filipinos’ financial attitudes. Influential creators emphasize savings and prudent spending, highlighting the benefits of smart saving over impulse buying with credible data. They debunk the myth that saving compromises life’s pleasures, showing that wise budgeting can ensure financial stability and enjoyment. As #FinTok grows, it’s cultivating a savings-centric culture in the Philippines, promoting informed financial decisions and long-term prosperity.
3. Empowerment through Education
Through personal stories, #FinTok has transformed the Philippines’ financial scene. Content creators highlight financial shifts, emphasizing the platform’s role in boosting financial literacy. Their real-life tales inspire viewers to pursue wise financial paths. The #FinTok community encourages shared learning, encouraging more Filipinos towards financial awareness and stability.
For instance, this Podcast clip was reshared on TikTok. The speakers were discussing how traditional views on finances and savings are no longer applicable in today’s world. Through their anecdotes and casual conversations, we were able to pick up some pieces of advice.
4. Promoting Inclusivity in Financial Education
#FinTok has also changed how we can acquire financial education, the app’s accessibility makes intricate concepts digestible through short videos. This approach ensures financial literacy reaches beyond the privileged few. Leveraging social media, #FinTok offers every Filipino an opportunity to enhance their financial acumen and make informed choices.
For example, Ivy Bermejo’s TikTok video showcases the efficiency of her chequing account application. Through it, she challenges the notion that chequing accounts are only accessible to the upper class. This content eliminates misconceptions, promoting wider accessibility.
#FinTok’s Ups and Downs
#FinTok has changed financial literacy in the Philippines by making complex topics accessible to many. However, amid empowering insights, users should discern between genuine advice and misleading get-rich-quick schemes.
1. The Risk of Misinformation
In the world of financial advice, the rise of social media platforms like TikTok has brought both benefits and challenges. #FinTok has gained immense popularity as a source of financial education and advice, especially among the younger generation. However, it is crucial to approach this content cautiously and verify information from reputable sources.
2. Over-simplification of Complex Financial Concepts
One of the risks associated with #FinTok is the prevalence of misinformation. While there are countless knowledgeable and credible content creators on the platform, there are also individuals who may lack expertise or promote questionable strategies. This can lead to financial decisions based on false or incomplete information.
3. Concerns about Data Privacy and Security
Financial decisions can have far-reaching consequences for personal finances, making it essential to verify information before taking action. Rather than blindly following advice, users must undertake due diligence to ensure the accuracy and reliability of the information they encounter on #FinTok.
4. Seeking Reliable Resources
In the era of #FinTok, it is crucial to seek out reliable sources for financial advice. Established financial institutions, licensed financial advisors, and reputable financial education platforms offer trustworthy information. Consulting these sources can provide a balanced perspective and help users make informed decisions.
Tips to Remember
#FinTok has become a community for financial advice and discussions on money management. Yet, users should be cautious and stay aware of potential risks when exploring this space. Here are some tips to remember when navigating the #FinTok space on TikTok:
1. Verifying Credibility of #FinTok Creators
While many content creators on TikTok share valuable financial advice, it’s crucial to verify the information you receive. Double-check facts, figures, and strategies before making any financial decisions. Seek guidance from reliable sources like financial educators, professionals, or trusted financial institutions.
2. Engaging with the Local Financial Community
Unfortunately, not all content on #FinTok may be reliable, and scams can lurk in unsuspecting places. Be cautious of individuals promoting get-rich-quick schemes or fraudulent practices. If something sounds too good to be true, it probably is. Protect your personal and financial information by not engaging with suspicious or unverified accounts.
3. Always Doing Personal Research
Building strong financial literacy is key to making informed decisions about your money. Take the opportunity to learn from different creators on TikTok, but also supplement your knowledge with books, articles, online courses, or reputable financial platforms. Invest time in understanding concepts, strategies, and tools that can help you navigate the complexities of personal finance.
4. Engage Responsibly
As an active user of TikTok, consider engaging responsibly with financial content. Ask questions, seek clarifications, and participate in meaningful conversations around money. Share your personal experiences or tips that may contribute positively to the community. By being an engaged and responsible user, you not only enhance your own financial knowledge but also contribute to a space that promotes financial education and well-being.
Ready for Financial Freedom?
Remember, while TikTok can be a valuable platform for financial education, it’s important to exercise caution, verify information, and prioritize your own financial literacy journey. Doing so lets you make informed financial decisions and protect yourself from potential risks within the #FinTok community.
Lastly, do not disclose any personal bank information on TikTok. In digital banking, cybersecurity is one of the risks, so protect your data at all costs.
Related Content:
- The Rise of the Cashless Economy
- Reasons Why Filipinos Are Embracing Cashless Payment Options
- What Makes These Fintech Video Campaigns So Successful?
- These PH Digital Banks Are Nailing Their Online Video Ads
M2.0 Communications is a digital marketing agency that helps brands tell meaningful stories. Alongside our PR advisory and reputation-building services, M2.0 is also a creative agency that offers content creation and video production for brands to creatively engage with their audiences. Visit our case studies page to learn more about the brands we collaborate with.
