Personal Finance News
Debt.com Highlights Finance TikTok Creators with New Award
When most people think of TikTok, they likely think of teenagers doing viral dances or perhaps imagining some of the various dangerous “challenges” that have often made national news. Despite this, the controversial app has proven to be a diverse source for not only entertainment but also information. Now, one site has taken it upon themselves to highlight some of the best personal finance content that can be found on TikTok.
This week, Debt.com announced the first-ever FinTok Awards, celebrating top creators in the space. Among the categories that the site will honor creators in are Best Personal Finance Advice, Best Financial Advice for 30 and Under, Best Hispanic Focused Money Advice, Best Credit Repair Advice, and Best Bankruptcy Advice. Each of these categories has three nominees. Fans can now vote for their favorite creators on the FinTok Awards site through May 26th, with winners being announced on May 31st.
As Debt.com notes, the arrival of the FinTok Awards comes as pressure to ban TikTok has increased. Although the Trump Administration ultimately pulled away from a plan to disallow the social media network in America, more recently, there’s been bipartisan support for legislation demanding TikTok either be sold to a U.S. company or face banishment. Already, several state legislatures have and other entities have banned the app on certain devices due to privacy concerns.
Commenting on the idea being the FinTok Awards, CPA and Debt.com chairman Howard Dvorkin noted, “April is Financial Literacy Month, and while I trust the government to make the right decisions about the future of TikTok in this country, I also know it’s being used every minute by young people seeking financial advice.” Additionally, the site’s president Don Silvestri said of TikTok and its financial content, “The users are people who may not have been otherwise interested in personal finance. For the first time, they’re thinking about money and how to make it work for them. For many Gen Zers and Millennials, TikTok is their source for financial education.”
Although many adults may not realize it, TikTok is much more than its reputation would imply. Sure enough, as Debt.com recognizes, this includes quality personal finance content that’s helped solidify important money concepts in the minds of a younger generation. In turn, it makes perfect sense that a site like Debt.com would want to highlight these creators in this way (not to mention extra publicity the site itself gains from such awards). While the FinTok Awards may not change many minds in Washington in regards to the video app’s fate, perhaps it could help sway some consumers — or at least show them the importance of engaging teens and young adults with these money topics.
