TikTok is revolutionizing how Canadians learn about finances. The platform’s latest insights reveal key user behaviors and trends that can inspire action and drive substantial business results.
Amidst economic uncertainty and rising living costs, consumers are becoming more proactive with their finances. They seek flexible banking options, financial security, and stronger relationships with banking brands. Enter #FinTok—a vibrant TikTok community democratizing finance with engaging and inspirational content.
As users strive to enhance their financial literacy, discover new finance brands, and explore products and services tailored to their needs, TikTok has seen a 373% increase in financial content video posts over the past year. This surge positions TikTok as a powerful marketing tool for financial services (FinServ) businesses. Notably, TikTok is the top source for financial information among Canadian users under 45, surpassing financial institutions’ websites, financial advisors, and even family and friends.
With over 1 billion people spending movie-length time daily on the platform, the significance of financial topics is evident—70% of TikTok users agree on their importance. The learning journey begins in-app, but #FinTok’s impact extends beyond the screen, inspiring real-world financial actions.
TikTok’s diverse communities, spanning generations, have distinct financial needs. From starting a new job to buying a car, financial literacy is crucial. Over half of Canadian TikTok users admitted to lacking sufficient financial knowledge when they began working or entered adulthood. Now, more users turn to TikTok for financial guidance, benefiting from tips and tricks that help them confidently navigate “adulting.” According to cultural strategist Quentin Humphrey, Gen-Z is best described as ‘fluid.’
The TikTok community values content that entertains, educates, and inspires. Financial services brands should maintain an always-on strategy, blending organic content and paid promotions to engage both spontaneous and long-term planners. Brands should explore the platform to capitalize on high-growth areas by monitoring trends, reviewing follower comments for insights, and searching lookalike communities for content ideas that align with customer motivations.
TikTok’s #FinTok trend highlights a significant opportunity for financial services brands to connect with a proactive and engaged audience. By leveraging TikTok’s unique platform dynamics and fostering financial literacy, brands can build stronger relationships and drive impactful business outcomes.
