MOBILE, Ala. (WALA) – What do Girl Math, Cash Stuffing and Loud Budgeting have in common? They are all personal finance “strategies,” emerging from an unlikely source – social media.
We’re not living in our parents’ ledger books anymore, when talking about money was taboo and everyone managed their finances behind closed doors. Rather than getting money-saving tips from a weekly column or learning to balance a checkbook in Home Ec, today’s personal finance decisions are being guided by strangers on the internet. And, experts say, that’s not a bad thing.
It’s called #FinTok, an umbrella hashtag used to categorize all finance-related posts to TikTok and, by extension, other social media platforms. Users expressing interest in personal finance may find their “For You Pages” dominated by short, relatable videos of their peers publicly practicing – and most often succeeding at – any number of money-management “trends.” By openly sharing personal experiences, are online communities encouraging one another to take steps toward financial stability?
That’s what a new report by Chime, a popular banking app, set out to discover. The report identifies the year’s top #FinTok trends and dives into their scope of influence.
Rianka Dorsainvil, Chime’s Consumer CFP, joined us with insights just in time for New Year’s budget setting.
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