Debt.com Launches FinTok Awards for Best Financial Advice on TikTok
While TikTok is under fire for its ownership, Debt.com rewards its most responsible content producers.
FORT LAUDERDALE, Fla., April 26, 2023 /PRNewswire/ -- As governments and schools ban TikTok on their WiFi networks over Chinese spying concerns, Debt.com is focusing on the social network's financial content producers – and honoring the best ones.
TikTok is the target of a bipartisan bill in Congress that could lead to further bans, yet the app is still extremely popular for money advice. Debt.com has chosen this moment to launch the first-ever FinTok Awards –recognizing the most trustworthy financial advice on the controversial app.
"April is Financial Literacy Month, and while I trust the government to make the right decisions about the future of TikTok in this country, I also know it's being used every minute by young people seeking financial advice," Howard Dvorkin, CPA and Debt.com Chairman says.
Debt.com President Don Silvestri doesn't believe TikTok's financial video content is always credible, but it's the reach of that content which intrigues him.
"The users are people who may not have been otherwise interested in personal finance," Silvestri says. "For the first time, they're thinking about money and how to make it work for them. For many Gen Zers and Millennials, TikTok is their source for financial education."
The Debt.com FinTok Awards are a three-step process:
- Debt.com's staff of certified financial counselors reviewed hundreds of TikTok accounts that offer personal finance education (excluding investment advice).
- They narrowed down the top three creators in five categories: Best Personal Finance, Best Financial Advice for Under 30, Best Hispanic Focused Money Advice, Best Credit Repair Advice, and the Best Bankruptcy Advice.
- The public will vote, and they will have the opportunity to choose their favorite creator in each category from the nomination list.
"This is a hybrid of a traditional competition and a People's Choice award," explains Debt.com associate editor Joe Pye. "TikTok has been called the Wild West of social media platforms, so we needed to shortlist the nominees – or madness would ensue. We're eager to highlight the best creators providing solid advice in an entertaining way."
The nominees are…
Best Personal Finance Advice
Best Financial Advice for 30 and Under
Best Hispanic Focused Money Advice
Best Credit Repair Advice
Best Bankruptcy Advice
For Dvorkin, success will look like this: "TikTok viewers will know who has their best interests at heart, the messy or even evil accounts will have to work harder to do better or be called out."
Winners will receive an official Debt.com FinTok 2023 Award badge that they can share across their social platforms and integrate on their website. They will also have an in-depth profile story and video posted on Debt.com. The contest will start at the end of Financial Literacy Month and winners will be announced on May 31, 2023.
About: Debt.com is the consumer website where people can find help with credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more. Debt.com works with vetted and certified providers that give the best advice and solutions for consumers 'when life happens.'
SOURCE Debt.com
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