Gen Z warned financial advice TikToks could cause lasting damage

‘Advice given by creators can even lead to long-lasting financial damage’

Isabel Baxter
clock • 2 min read

Generation Z has been warned by Almond Financial that 87% of financial advice videos on TikTok could be ‘potentially misleading’.

Following recent news that a third of Gen Z (people born between 1997 and 2009) are turning to TikTok for financial advice, its research found that content creators producing advice-led content on TikTok rarely encourages viewers to do their own financial research and some give advice under the guise of selling online courses, e-books, or memberships to ‘exclusive' investment advice. "Some of the advice given by creators can even lead to long-lasting financial damage, especially when it comes to people opting out of a workplace pension scheme, or adhering to tax advice that isn't fit for...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

'It's time to redefine communications in financial advice'

'It's time to redefine communications in financial advice'

Client interactions ‘outdated’ due to inadequate technology

Sahar Nazir
clock 17 July 2024 • 3 min read
Pension Schemes Bill announced in the King's Speech

Pension Schemes Bill announced in the King's Speech

New legislation announced after 2024 state opening of parliament

Martin Richmond
clock 17 July 2024 • 2 min read
Vanguard unveils advisory centre to support investors

Vanguard unveils advisory centre to support investors

The Advisory Research Centre will support investors across Europe

Sahar Nazir
clock 17 July 2024 • 1 min read