CNBC is reporting that a growing number of TikTok users are turning to the app for personal financial advice. As of mid-June, the #investing tag on TikTok had racked up 278.1 million views. Stating the obvious, experts caution that accounts offering guidance may be skipping important lessons and hawking “get rich quick” schemes. We’ve been here before.
In the late ’80s and early ’90s, the television business experienced a similar issue when, for the first time, research started to show that Americans trusted the information they were learning from “tabloid” shows (Hard Copy, Inside Edition, A Current Affair, etc.) more than they trusted network news (World News Tonight, Nightly News, CBS Evening News, etc.).
It was a rude shock to the news establishment, and they simply did not want to believe the research. Ultimately, all commercial broadcast news transformed to adapt itself to the trust scale (as best it can). Is TikTok teaching us a lesson we’ve already learned?
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Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.