Rise in "Finfluencer" Popularity Shows Gen Z Cares for More Than Just Memes
Move over Forbes, there's a new hub for financial information. And it's not the Wall Street Journal — it's social media. Apps like YouTube and TikTok have seen explosive growth since first making their way onto the App Store. While TikTok is mainly known as a social networking site where users create trending dances or rants about hot Cheetos, a number of young professionals have started to not only have fun on the app but use it to educate their growing young audiences.
From Amateur to Expert
It's no secret that using social media as a platform to garner an audience of young people is a technique that would-be influencers have been trying to master for the past decade. Amateur fitness enthusiasts, sports analysts, cooks, and more now have the potential to gain massive followings — just look at Sommer Ray and Jomboy Media (created by James Vincent Michael O'Brien). However, finance experts are now taking advantage of this opportunity as well.
Examples include Humphrey Yang, Tori Dunlap, and Ryan Francis, who have hundreds of thousands of followers and subscribers on TikTok and YouTube. The content of their videos is fairly basic, mainly focused on helping young people navigate their first steps into the financial world. Advice on investing, building credit, and navigating taxes are plentiful, and their content is usually chock-full of basic infographics and simple language.
Young Audiences Are Enthusiastic
There are plenty of memes to be found in the comment sections of these videos, but those are there in addition to a massive dialogue about finance, economics, and the stock market. Most importantly, you can find more questions about financial concepts, as well as eager requests for new videos and even topic suggestions on what to cover next. It might surprise many to learn that these commenters are largely in their teens and that so many young people are passionate about finance.
Young people throughout history have played an important role in economic participation, especially in the last century. This is why so many advertisements for movies, concerts, and the latest snacks are targeted at young demographics — disposable income among youth populations can be quite significant in Western countries.
What Does This Mean for the Future?
Perhaps as more young people learn about how the financial sector of their respective nations operates, we might expect to see a new wave of economic changes. However, no matter what happens, it's certainly a positive that millions of young people have an active interest in learning more about the economy.
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