UK teens turn to FinTokkers for cash-saving tips with a third valuing online advice above parents and friends

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Published on Tuesday, 01 November 2022 18:51

Last Updated on 02 November 2022

Monica Costa

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New Westfield How We Shop research reveals almost half of teens say they’ve sourced some of their best money saving tips from social media channels and influencers. 45 per cent of 12–17-year-olds think social media platforms will be used to carry out all money transactions in the next 10 years. 42 per cent look to influencers for tips because information is “unfiltered”. 

As millennial searches for ‘financial education’ rises by over 155% [Stylus ‘Money Meets Media Report dated 16 May 2022], more young people are seeking out financial insights and guidance from social channels, and new research revealed today has found that kids as young as 12 are turning to social media platforms for money saving advice.

The latest Westfield How We Shop research [1,000 respondants, aged 12-17] found that almost half of UK teens say that they have sourced some of their best money saving tips from social media influencers, and a third say they value cash-saving tips and tricks from savvy financial influencers more so than from their parents and friends. The research also revealed that social media and influencers have helped them understand the impact of much talked about cost-of-living crisis (36 per cent).

Over a third (35 per cent) claimed to have learnt skills such as budgeting money, how to save (34 per cent) and even how to invest (34 per cent) via social influencers, with over a third (33 per cent) of teens stating that they’ve saved between £100-£500 in the last 12 months following advice they have received online.

Over half (51 per cent) of teens surveyed also said they value the opinions of social media influencers who are similar to them in lifestyle, and 42 per cent look to influencers for tips because they’re explained in an easy-to-understand way.

Westfield also spoke to over 2,000 UK adults and found that almost half admitted they were reliant on social media for financial guidance, and a third saying they’ve sourced their best money saving tips from influencers on social media platforms such as TikTok.

Stating the reasons for this, over half said they turn to social media channels and influencers for financial advice and tips because it is ‘unfiltered’ (54 per cent) and coming from someone in a more ‘real’ way (60 per cent).

While a quarter admitted that they find financial information on social media more digestible and easier to understand than other sources. 20 per cent of those aged between 45 and 54 admitted they are more likely to turn to social media for financial advice since the cost-of-living crisis began.

Looking to the future of Finfluencers and social media, 41 per cent of adults believe social media will be the primary source for credible, expert advice on key life topics within the next five years, while 45 per cent of 12–17-year-olds think social media platforms will be used to carry out all money transactions in the next 10 years.

Tips to manage finances 

Ellie Austin-Williams, Finfluencer and Founder of This Girl Talks Money, provided some top tips for helping people with their finances:

Budget 

Budgeting isn’t a one size fits all type of thing, so finding a method of managing your income and expenses that works for you is key to keeping on track towards your money goals. Whether you prefer using a notebook, you’re a spreadsheet kind of person or you want to manage your money at your fingertips with apps, there’s something to suit every person out there. Find a budget set up that suits you and you’ll give yourself the best chance of sticking to it.  

 

Save When You Shop 

There are plenty of simple ways to save money when you shop, so make sure your money is stretching as far as possible for you. Sign up to a cashback website and every time you shop, you can earn a portion of your spending back once your purchase is confirmed. Bored of searching for discounts? Add a browser extension that automatically finds and applies coupon codes at checkout and make sure you never pay more than you need again. 

 

Pay Yourself First 

Building a habit often comes down to making it easy to achieve, so automation can help you save regularly. Set up automatic payments to save a set amount of money as you get paid and you’ll start to see your pot grow. You don’t have to put aside a large chunk of money each month; you can work with what you have and it’s never too early to start saving. Leave your savings to your willpower and you can end up with zero. 

 

Have Monthly Money Dates 

Spend ten minutes each month reviewing your spending and reflecting on how you’re feeling about all things financial. Go through your bank statement and check that everything looks in order. You’ll be able to get an idea of where your money is going and whether you’re spending money in areas you don’t realise. Plus, if there are transactions that you don’t recognise, check them with your bank in case they are fraudulent. 

 

Start Talking About Money 

If the idea of starting a conversation about money makes you uncomfortable, you’re not alone. Yet talking about money at home, with friends and at work can help improve your relationships and your bank balance, so now’s the time to start. You don’t have to dive in at the deep end; talking about a financial podcast or article you’ve read raises the topic of money without personal experience and emotions coming to the table straight away. 

 

This Girl Talks Money – Instagram, TikTok

Westfield – Instagram, TikTok