However, as creators migrate to other platforms, it’s important to ensure you’re still accessing reliable and actionable financial guidance.
America Saves is here to help you navigate this transition while staying focused on building strong savings habits.
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The Importance of Reliable Financial Information
While TikTok’s short, engaging videos made financial education accessible, not all content on the platform (or social media in general) was created equal.
A recent analysis by Social Capital Markets revealed that 71% of financial advice targeting Gen Z and Millennials on social media is misleading, and only 13% of influencers providing financial guidance possess relevant financial qualifications.
(Image by Social Capital Markets)
These findings emphasize the need to:
- Seek Out Credible Sources: Prioritize advice from trusted organizations like America Saves, government agencies, and accredited financial counselors. These sources offer verified and accurate information tailored to help you achieve financial security.
- Verify the Advice: Even if the content is inspiring, take the time to cross-check it with reputable resources. Sound financial advice is rooted in proven principles, not trends.
The study highlights the challenges across multiple platforms, including TikTok, Instagram, and YouTube, where financial advice often lacks necessary disclaimers and can include promotional content. This reinforces the importance of approaching online financial advice with caution.
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Adapting to the Shift in Platforms
As financial creators migrate to platforms like YouTube, Instagram, BlueSky, and blogs, you can still follow their content. However, it’s essential to:
- Prioritize Actionable, Non-Judgmental Tips: Look for creators who align with sustainable and approachable financial habits, the same values that drive America Saves.
- Expand Beyond Social Media: Consider engaging with newsletters, podcasts, and webinars, which often provide deeper insights into financial topics.
America Saves remains committed to helping individuals build lifelong savings habits, regardless of where they consume financial content.
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Actionable Steps for Savers:
Here are some practical steps to stay on track with your financial goals during this transition:
Focus on Core Savings Habits:
- Save automatically: Set up an automatic transfer to your savings account.
- Save for emergencies and major life milestones: Build an emergency fund and save for goals like homeownership or retirement.
- Pay down debt: Reducing debt frees up funds for future savings.
Leverage Educational Resources:
- At America Saves we offer tips, tools, and resources designed to help you achieve financial confidence.
- Take the America Saves Pledge to stay committed to your goals.
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Next Steps for Financial Content Consumers:
The uncertainty surrounding TikTok presents an opportunity to build a more informed and intentional relationship with your finances. Here’s how:
- Reassess Your Financial Goals: Take time to review your current financial plan. Identify areas where you’ve made progress and where you can improve.
- Seek Expert Advice: Connect with financial counselors or explore resources from trusted organizations.
- Stay Curious and Engaged: Explore new platforms and formats for financial content. Blogs, newsletters, and podcasts can provide valuable insights that go beyond short videos.
At America Saves, we believe in the power of small, consistent actions to create lasting financial confidence.
Whether you’re following financial creators on new platforms or diving into our resources, we’re here to support you every step of the way. Let’s use this moment as an opportunity to focus on building a savings habit that will benefit your financial future.
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For more tips, tools and resources, including the America Saves Pledge, visit AmericaSaves.org.
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