Skip to main content

More People Looking to Tik Tok Than Their Credit Union for Financial Advice, Survey Finds

CUToday 07/2022

SAN ANTONIO—More consumers are looking to Tik Tok and YouTube for financial advice than they are their own financial institution, according to new research.

Tik Tok

Nearly half of the respondents in the research from Vericast said they seek financial advice from friends or family, while less than a third are seeking it from a bank, credit union or financial advisor. Thirty-four percent of Gen Z consumers obtain financial advice from TikTok and 33% get it from YouTube, while only 24% of this age group seek advice from financial advisors, according to Vericast, which surveyed 1,000 adults.

“It is clear that financial institutions have a critical need to innovate quickly and reimagine their approach to retain customers,” said Stephenie Williams, VP-financial institution marketing product and strategy at Vericast. “Banks and credit unions need to meet customers where they are, not only positioning themselves as a go-to, trusted resource providing education through traditional strategies, but also using new channels and platforms to reach younger generations.”

Opportunity Seen

According to Vericast, the findings show there is an opportunity to deliver on evolving expectations to help banks and credit unions acquire and retain customers/members amid market volatility.

According to the survey, consumers expect “financial institutions to accommodate them during widespread financial hardships, like the unprecedented inflation we are experiencing today. Seventy-nine percent expect flexibility on rates and fees, such as waiving overdraft or late fees, while 66% say they expect it to be easier to obtain new lines of credit.”

An additional 69% said notifications about lines of credit available to them and promotions on special rate offers, such as low-interest balance transfers, are also expected during times of financial instability.

The Specifics

According to Vericast, the survey found:

  • There is a correlation between mental well-being and banking. Seventy-five percent of consumers said the amount of money in their bank account impacts their mental health. For this reason, almost half (48%) are prioritizing building their savings account in 2022, the company found.
  • Mobile banking, interest rates, and sign-up incentives factor into choosing a financial institution. Sixty-one percent of consumers surveyed selected mobile banking capabilities as one of the top factors influencing their choice to bank with a financial institution.

Vericast added that when asked what would persuade them to switch financial institutions, two-thirds noted better interest rates as well as incentives to open an account, such as a cash reward for signing up, while 68% said fewer fees would incentivize switching.

  • Financial priorities for 2022 show opportunity. Amid market volatility, building up savings (48%), paying off debt (47%), and investing directly in stocks (21%) are top financial priorities this year.

The survey further found only 12% plan to open a new checking account this year, and only 19% anticipate opening a credit card; for over half of consumers, it has been five years or more since they last opened a bank account.

“There are opportunities for financial institutions to generate business: nearly half (42%) of consumers are planning to buy a car in 2022 and 34% are planning to remodel their homes,” Vericast reported in its analysis.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Three-Quarters of Consumers Familiar With CUs, But Just 1 in 4 Says a CU is PFI, & Other New Findings

WASHINGTON– More than three-quarters of U.S. consumers said they are familiar with credit unions and hold a positive impression, yet just one-in-four banks primarily with a credit union, a new survey has found. The 2026 Credit Union Consumer Perception Report from  CUCollaborate  surveyed 1,000 consumers across the U.S. in December 2025 to gauge their opinions on credit unions. It further found early 70% describe credit unions as trustworthy, and a majority recognize their advantages in fees and rates compared to traditional banks.  But positive sentiment is in decline with younger bankers, according to CUCollaborate. Gen Z consumers represented a sharp shift in credit union perception from older generations, the company said, noting that among those respondents, 36% indicated they had only heard the term “credit union” without having a deeper understanding or had never heard of the term at all.  Some “44% said they were somewhat familiar with credit unions, and a me...
Post a Comment
Read Complete Article HERE>»

No Change! Federal Reserve issues FOMC statement

  January 28, 2026 Federal Reserve issues FOMC statement For release at 2:00 p.m. EST Share Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 p...
Post a Comment
Read Complete Article HERE>»

Small credit union closures and mergers.

NCOFCU Podcast on the loss of small creditunions. Grant Sheehan CCUE | CEO-NCOFCU examines the rapid decline of small credit unions, why each closure matters to communities, and the threat this trend poses to the cooperative identity and tax protections of the movement. The episode explores practical solutions: larger credit unions acting as stewards, collaboration through shared resources and technology, and the advocacy work of the National Council of Firefighter Credit Unions to amplify every credit union's voice. Listen for a call to action on preserving community-focused financial cooperatives and strengthening the future of the credit union movement. Be sure to visit NCOFCU's "First Responders Credit Unions Academy" for your continued credit union education and certification in meeting N C U A’s requirements.  ================================================= Remember, you're not alone with  NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional f...
Post a Comment
Read Complete Article HERE>»

Long-Stalled Credit Card Competition Act Moves Forward In Senate Clarity Act Markup

WASHINGTON—A long-stalled bipartisan push to boost competition in the credit card market moved closer to becoming law late Friday, as Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) advanced a new amendment attached to the Senate Agriculture Committee’s markup of the Digital Asset Market Structure and Investor Protection Act, commonly known as the Clarity Act. Dick Durbin The amendment, a core component of the long-debated Credit Card Competition Act, would prohibit major credit-card networks and large issuing banks from enforcing network exclusivity on credit cards. Supporters argue the measure would expand transaction-routing competition, weaken the dominance of the largest payment networks, and reduce swipe fees that merchants say inflate consumer prices. The renewed momentum reflects President Trump’s recent backing of efforts to rein in credit card costs, a shift that has altered the political trajectory of legislation that has struggled to advance in prior Congresses. With Tru...
Post a Comment
Read Complete Article HERE>»

New FRCUA Manuals Alert!

New & Updated Manuals Now in the First Responder Credit Union Academy! NCUA "What you Need to Know." Building a Budget Policies & Procedures CEO Strategic Planning Checklist Board Strategic Priorities Directors'  Strategic Planning Checklist We’re always improving the First Responder Credit Union Academy to give you the tools you need to succeed. Our manuals are regularly updated with the latest insights, best practices, and industry guidance — so you can stay informed, confident, and ready to serve your members. Check out the latest updates and keep your skills sharp:  https://www.ncofcu.org/first-responder-credit-union-academy  ================================================= Remember, you're not alone with  NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board  
Post a Comment
Read Complete Article HERE>»

'Tis the season for fraud! Teller questions if member fraud is suspected.

  When a credit union employee suspects a member may be subject to fraud, they should initiate a careful conversation focusing on the nature of the transaction and external influences. The goal is to help the member identify red flags without the employee asking for sensitive personal information that the credit union should already have on file.  Initial Verification Questions    .pdf Before discussing the specifics of the suspicious activity, the employee should confirm the member's identity in accordance with established internal protocols.  Questions About the Transaction/Activity If the member confirms they are conducting a suspicious transaction (e.g., a large wire transfer or purchase of gift cards ), the employee should ask questions to help the member pause and think critically:  "What is the purpose of this transaction?" "Do you personally know the person or business you are sending money to?" "Have you ever met the...
Post a Comment
Read Complete Article HERE>»

Advice On Winning Over Gen Z In ’25

NEW YORK—As 2025 approaches the close of Q1, how can credit unions win over Gen Z? By tailoring credit rewards for a digital-first generation, a new report recommends. Gen Z is reshaping the workforce and redefining financial behaviors. As of 2024, this generation is poised to surpass Baby Boomers in workforce size and will make up 30% of the workforce by 2030. This rapid growth presents a major opportunity for financial institutions to tap into a younger, digitally native audience with distinct spending habits and financial needs, emphasized a GlobalData report authored by Zachary Johnson, specialist, campaign execution & strategy, financial services at VDX.tv. “Unlike previous generations, Gen Z’s economic journey has been shaped by inflation and delayed career starts due to the pandemic and skyrocketing living costs. These factors have made them highly dependent on credit, with Gen Zers being 23% more likely to own a credit card than Millennials at the same age, and carrying...
Post a Comment
Read Complete Article HERE>»

‘No One Wants a New Car Now.’ WSJ Columnist Offers His Take on Why

NEW YORK–That new car smell isn’t quite the intoxicating perfume it has been for a long time, according to one automotive analyst. Under the headline, “No One Wants a New Car Now. Here’s Why,” the Wall Street Journal’s well-regarded automotive columnist, Dan Neal, observed that “America’s fleet of cars and trucks is also getting long in the tooth.” Neal’s reference was to a study by S&P Global Mobility that found the average age of vehicles in the U.S. is now 12.6 years, up more than 14 months since 2014, with the average age of passenger cars hitting14 years. All-Time High Burden “In the past, the average-age statistic was taken as a sign of transportation’s burden on household budgets,” Neal wrote. “Those burdens remain near all-time hig...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - Social Security 101

  Social Studies   Social Security 101 The US Social Security   system is best known for providing income to the nation’s elderly population based on the amount of money they earned during their working years.   The Social Security Act of 1935 established the program  amid the worsening poverty crisis that older Americans faced during the Great Depression. By 1934, more than half of those aged 65 and older lacked sufficient income to cover their basic living expenses.    Today, most US workers are familiar with seeing a percentage of their pretax income deducted from their paychecks and contributed to the nation’s Social Security trust funds. Starting a...
Post a Comment
Read Complete Article HERE>»