The video sharing app TikTok may be best known
for viral dance trends, but it also has a money-minded side. Users scroll
through videos featuring stacks of cash, the latest cryptocurrency fads,
stock buying tips, and step-by-step guides to cutting spending or starting a
retirement fund. Called finance TikTok, or “FinTok”, it offers a blend of
advice from mundane to risky.

Students are
listening, and in some cases, falling for scams. In a bid to weed out bad
advice on the app, TikTok recently banned promotions of a variety of financial
services. But some creators say that will just drive away those who give
good advice.

Last year, 21
states required high school students to take a course in personal finance, according to the Council for
Economic Education. But most teens aren’t confident
in their money knowledge, and many turn to social media. According to Pew Research Center,
about half of U.S. adults under 29 use…

Read full article at wng.org

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