Young professionals are turning to digital platforms to learn how to manage their money. According to the latest data from Insider Intelligence (also known as eMarketer), YouTube is the only platform that provides banking information for 60% of Millennials and 60% of Gen Z.
To put together its data set, Insider Intelligence surveyed 1,488 banking consumers in the United States. The study aimed “to understand how consumers open new bank accounts or buy bank products/services” with a focus on “channels that make consumers aware of banking brands and products/services, the sources they use for research, the factors that drive conversions, and the influences on their loyalty and advocacy for these brands and products.”
The report arrives during a moment of cultural prominence for #FinTok, the TikTok community that offers financial advice to viewers. #FinTok stars have accumulated millions of followers, and some of them have even gotten face time with President Biden.
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Insider Intelligence’s findings confirm that TikTok is a significant banking resource for Gen Z (ages 18 to 26), with 43.8% of that cohort seeking advice from finance TikTokers. Among Millennials (ages 27 to 42), the figure is lower, topping out at 24.1%.
Those numbers are lagging behind the equivalent figures for YouTube. 65.6% of Gen Z and 63.9% of Millennials turn to Google’s video platform for banking info. Among Gen Z, YouTube leads all platforms in that category. Among Millennials, YouTube and Facebook are tied for the #1 spot.
The Insider Intelligence data tells a different story than the one shared by Vericast in a 2022 report. In that survey of Gen Z financial habits, a similar number of respondents said they have accessed TikTok and YouTube when searching for financial guidance. But if Insider Intelligence is to be believed, those percentages may not be as even as they were a year ago, even with all of the cultural influence #FinTok exerts.
As far as financial brands are concerned, the results are clear: Both YouTube and TikTok offer opportunities to reach consumers who are learning how to manage their money. According to Insider Intelligence, 40.4 million Gen Z individuals will be digital banking customers next year.
