TikTok videos offering dubious financial advice are drawing millions of views, as young people increasingly turn to the app as a source of financial literacy
Buy several credit cards with different due dates. Max out spending on the first one, use another to pay it off … Tweets: @jerrycap , @wholeearthweb , @charlizealcaraz , @ischafer , @stevemullis , @bw , @quicktake , @jessefelder , @jbursz , @stironingshirts , @lazchance , and @misyrlena Tweets: @jerrycap : China's plan to cause a bubble! https://twitter.com/... @wholeearthweb : This is definitely a phenomenon I've been observing on TikTok Hence this: https://twitter.com/... https://twitter.com/... Charlize Alcaraz / @charlizealcaraz : this! i've seen so many TikToks saying “once you turn 18, you should have a credit card/TFSA/broker account” without really going into detail about the consequences? accessibility to financial literacy is important but they also have to be informative - impossible with tiktok https://twitter.com/... Ian Schafer / @ischafer : The algorithms will be the end of us unless we do something about them. Pretty sure there's a book to be written called “optimizing ourselves to death”. https://twitter.com/... Steve Mullis / @stevemullis : Yo @MilesParks you need to get on the TikToks and help the kids with their finances https://twitter.com/... @bw : Believe it or not, the financial advice that goes viral on TikTok isn't always good for you https://www.bloomberg.com/... Bloomberg Quicktake / @quicktake : People are flocking to TikTok for lessons on how to get rich and manage their finances, but it's rife with misinformation that could prove ruinous. Have you tried any finance tips from the video-sharing app? Tell us what worked and what didn't below 👇 https://www.bloomberg.com/... https://twitter.com/... Jesse Felder / @jessefelder : ‘He also learned from TikTok that “every year money loses its value.” So he put a majority of his money into the stock market in March and since then his net worth has increased. He has now started his own TikTok channel to share his steps to success.’ https://www.bloomberg.com/... Jessica Bursztynsky / @jbursz : Users are flocking to TikTok for easy to digest lessons on how to manage their finances and make $$, but it's rife with misinformation. https://www.bloomberg.com/... @stironingshirts : Uhhh, maybe get your financial education from reputable sources? “A 970% Stock Rise, Living Off Credit Card Debt & Other Misinformation on TikTok” - Bloomberg https://www.bloomberg.com/... Lazarus Jackson / @lazchance : Zoomers making fun of Millenials for being depressed and broke but boutta be broke themselves because they learned personal finance from a shirtless 18-year-old You hate to see it https://twitter.com/... Misyrlena Egkolfopoulou / @misyrlena : I spent some time on personal finance TikTok, where people are flocking to for financial advice, some of which is pretty absurd, but the platform's algorithm doesn't seem to care. https://www.bloomberg.com/...