Gen Z loves #RichTok — and they love being rich. Mash them together and you get a generation that overwhelmingly turns to social media for investing advice as they seek the most elusive thing of all for the young: financial independence.
Social media ranked the top reason 55% of Gen Z and 44% of millennial investors say they got into investing, according to a survey of 300,000 investors over five years by the Oliver Wyman Forum.
In their search for alternative pathways toward financial security, personal finance influencers are providing solutions. Videos describing how to invest $1,000 in the stock market or explaining “the stock market tea” in terms of the Kardashians or The Real Housewives franchise get hundreds of thousands of views across platforms.
Vivian Tu, better known as Your Rich BFF, has 2.7 million TikTok and 3.8 million Instagram followers and gives advice on investing, financial planning,and tax loopholes.
“Suddenly, you have someone who doesn’t look like your dad’s financial advisor. You have somebody who looks like I could be anybody’s college best friend,” Tu previously told Fortune. “I want to entertain my audience and turn finance into funance and just make talking about money more accessible for the next generation of rich BFFs.”
