Question of the Day: What percent of 18-24 year olds learn about personal finance from social media?

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Sep 22, 2021
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Question of the Day, Personal Finance

Answer: 38.8% including TikTok, YouTube or other social media outlets, like Twitter or Instagram

Questions:

  • Other than the lessons you learn in school, where else do you learn about personal finance? 
  • If you have learned some lessons from social media:
    • What was the best advice you received?
    • What was the worst advice? 
  • How do you determine whether a source of information is reliable or not? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (GoBankingRates):

Perhaps the most notable result from the survey is that the younger generation gets a lot of its financial information from a source that didn’t even exist two decades ago. A whopping 38.8% of Gen Zers responded that they learned about personal finance from TikTok, YouTube or other social media outlets, like Twitter or Instagram — 34.3% answered TikTok and YouTube specifically. An additional 7.20% responded that they get their information from personal research and/or online forums like Reddit. Combined, that’s far more than the 22.70% who reported learning from parents or family.

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For those students curious about being a TikTok creator, here's how much they can earn if they get 1 million views

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 Learn more about TikTok and investing in this On-Demand module with the same title. 

 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.