How TikTok is reshaping financial brand communication
Not long ago, the idea of taking financial advice from social media would have seemed terrifying, if not foolhardy. But for an entire generation, it’s now becoming the norm
In recent research from Intuit Credit Karma, some 52% of all UK adults reported that they already are, or would consider, using a savings tip from social media. The majority who took financial advice from social media reported that tips from TikTok in particular had improved their finances. The money man himself, Martin Lewis, has almost 900k followers on the platform. So what impact is this having on how we consume financial education?
Traditional financial institutions are known for their formal, often jargon-heavy communication style. But #FinTok, the financial corner of TikTok, is rapidly altering how banks and financial institutions communicate with younger audiences. This shift is forcing traditional finance brands to rethink their marketing strategies and adopt new ways of engaging with Gen Z and millennial consumers.
According to TikTok, there’s been an overall 373% rise in financial content on the app over the last year. The platform says that 70% of its users have indicated that financial topics are important to them, while more than 80% of users are taking action based on TikTok finance advice.
“The TikTok community craves content that entertains, educates, and inspires. To stay top of mind, financial services brands should adopt an always-on strategy, posting organic beats and paid peaks to capture both last-minute and long-term planners,” says Tom Sneddon, managing partner at social creator agency Supernova.
This approach is a core part of UK credit startup Yonder’s branding. “We started Yonder knowing credit cards can be empowering but often confusing, especially for younger audiences,” says Tom Davies, the brand’s VP of marketing, “We think it’s really important that brands break down the mystery and confusion for consumers and that’s a core part of our branding and tone of voice.”
Key to serving audience needs is fostering collaborations with creators who are seen as impartial and trustworthy.
This shift towards more relatable, accessible content is not just a matter of preference but a necessity in reaching younger audiences. Davies adds: “This industry is rife with corporate jargon and formalities that are really hard for most people to get their heads around, which ultimately alienates them from building their financial confidence.”
One key strategy emerging from the #FinTok phenomenon is the collaboration between financial brands and influencers. “Key to serving audience needs is fostering collaborations with creators who are seen as impartial and trustworthy,” says Sneddon.
“As an agency, we have spent a lot of time building an amazing roster of business and finance creators.” These include Nugget Savings, who specialises in maternity rights and takes an active role in the gender pay gap conversation, as well as Paul Welch, an ex-Coutts banker turned financial advisor to Mr Beast.
“We work with #FinTok influencers as they speak our language, helping us break down complex topics like APR and interest in a tone that’s relevant and accessible,” agrees Davies. Yonder is working with three influencers as part of its newly launched WTFisAPR?! campaign, highlighting widespread misconceptions among UK consumers about APR and interest rates.
Olamide Majekodunmi (All Things Money), Timothy Paul and Sammie Ellard-King (Up The Gains), Yonder say, are a good mix of accessible and knowledgeable. “It was also really important for us to make sure we had a diverse mix of creators versus the all-white and male stereotype of traditional finance experts.” Davies adds: “All three influencers break down financial topics in digestible ways and also feel passionately about the topic we’re focusing on – the need for a simplification of finance terms.”
These collaborations are not limited to fintech startups. Even established institutions are embracing the trend. Scottish Widows has actively collaborated with a range of financial influencers to raise awareness about pensions in a way that resonates with younger audiences. They’ve partnered with influencers like @gabriel.nussbaum (That Money Guy), @devamshagunput (Financial Hot Girl) and @allthingsmoney, all of whom create engaging, relatable content on TikTok.
Monzo is taking a different approach, shifting from traditional financial awareness to building brand awareness in more creative ways. One recent standout example, says Aimee Smith, creative project manager at social and influencer marketing agency SocialChain, is Monzo’s collaboration with Greggs, where the brand created an activation featuring an ATM that dispensed sausage rolls instead of cash for Monzo perk users.
“This stunt went viral on TikTok, gaining over 2m views. It was promoted by influencers like @_georgiawood_ and @Dinewithfari and was also picked up by local news in Newcastle.”
It works Smith says, because “Gen Z craves authenticity and transparency. Influencers are simplifying the incomprehensible world of finance into engaging bite-sized content – and in doing so, they are making challenging topics straightforward for everyone.”
It’s also about meeting the audience where they are, Davies adds: “Getting hold of financial information and advice in normal language from your phone means that consumers can learn in a bite-sized, manageable way in a familiar environment. Being able to learn about credit or investments while scrolling on the sofa is a game changer for financial education and automatically makes people feel more financially empowered.”
While the opportunities presented by #FinTok are significant, there are also challenges and risks to consider. Majid Bahi, global CEO of social and influencer marketing agency Socially Powerful, warns: “The rise of unqualified influencers sharing financial advice comes with risks. While disclaimers like ‘I’m not a pro, this is just my experience’ are common, there’s still a fine line between sharing tips and offering financial advice, which is regulated.
“For brands, there are opportunities here,” he continues. “Partnering with influencers who bring legitimate knowledge to their content allows them to tap into #FinTok while maintaining trust and credibility. It’s all about balancing relatability with responsibility.”
However you look at it though, it’s clear the dialogue around money is changing. “#FinTok isn’t simply a buzzword,” says Sneddon, “it’s a community conversation that is driving a monumental shift in how we understand and engage with our money.”
