According to a new report, Gen Z prefers to get financial advice from TikTok and YouTube rather than traditional financial advisors.
TikTok and YouTube aren’t just for a daily dose of cat videos or dance moves. Gen Z is increasingly looking to social media platforms for major life advice, including how to handle finances.
According to Vericast’s latest research, 34% of Gen Z consumers would rather get financial advice from TikTok, while 33% would choose YouTube. Only 24% would prefer advice from a financial advisor.
“It is clear that financial institutions have a critical need to innovate quickly and reimagine their approach to retain customers,” said Stephenie Williams, Vice President, Financial Institution Marketing Product and Strategy at Vericast. “Banks and credit unions need to meet customers where they are, not only positioning themselves as a go-to, trusted resource providing education through traditional strategies, but also using new channels and platforms to reach younger generations.”
If Vericast is correct, “social media liason” may soon become an important position in top financial firms.
