Social media platforms such as TikTok have the potential to democratize the investing process — and open investing to a new generation.
is looking to have a future, it needs to be embraced by more people. The aforementioned volatility puts many investors off. Fortunately, members of Generation Z are far from your typical investors.Finance on TikTok has become so popular that it has got its own portmanteau. Dubbed FinTok, finance-related content has seen a meteoric rise along with the social network itself. Last year, the #Crypto hashtag blew up, getting 1.9 billion videos.
The glut of money management videos isn’t limited to the crypto market. Last year, the #PersonalFinance hashtag accrued more than 4.4 billion views, with content covering everything from tax and budgeting to savings and debt. Considered in the context of TikTok’s primary users — Generation Z — it shows that the youth of today have a healthy appetite for financial information. They just want to consume it soundtracked by a catchy pop song and a viral dance.
December’s “OK Zoomer” research report from Bank of America revealed that the COVID-19 pandemic will hit Generation Z’s professional and financial future in a similar way that the Great Recession impacted Millennials. Therefore, although the majority of Generation Z don’t have a lot of money to invest in crypto right now, they could in the future, especially if they’re as financially savvy and investment-driven as the data suggests. And, that’s where the opportunity lies for DeFi.
Similar to how DeFi promises to democratize finance, social media platforms such as TikTok have the potential to. What was once a closed community only accessible for the likes of Wall Street bankers and qualified hedge fund managers is now open to everyone. But, if DeFi is to capitalize on the opportunities available via the trendiest social media platform, it’s going to have to get better at marketing. This means clear and concise short-form videos that are tailored to the target audience, making crypto not just accessible but fun too, while also being transparent about the risks inherent in investing.
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