Loud budgeting is the first TikTok finance trend of 2024
What is it, and why do we love it?
Photo by Ivan Samkov
It's easy to be skeptical about the constant emergence of finance "trends" on TikTok that generate a vast amount of digital media buzz, but seldom translate into the real world. In 2023, we saw finance trends, such as “girl math” and “quiet luxury” rack up billions of views on TikTok but are now giving way to a new trend called “loud budgeting”.
I don't want to spend
Coined by comedian and TikTok creator Lukas Battle, loud budgeting stands in stark contrast to the quiet luxury trend, as Battle declares in a post, "It's not 'I don't have enough,' it's 'I don't want to spend.'"
Source: Lukas Battle
The loud budgeting concept is certainly resonating. Lukas Battle’s original post has prompted a wave of creators to share their thoughts on how best to speak openly and honestly about budgetary limits with friends and family. The #loudbudgeting hashtag has amassed an impressive 13.1 million views and continues to grow on the app.
TikTok: financial advisor for Gen Z
Since its launch in 2016, TikTok has transformed social media by enabling users to create short-form videos up to three minutes long. According to Insider Intelligence, TikTok has become a prominent resource for Gen Z, with 43.8% of users aged 18 to 26 seeking financial advice on the platform.
Source: Insider Intelligence | eMarketer
As trends go, loud budgeting is the first major financial trend of 2024, and we hope one that will stick around for a while. For those of us in financial education, budgeting is one of the cornerstones in any financial literacy program, and a sustained discussion about budgeting is a much-needed thing. Especially one that resonates with youth and young adults. GFLEC, the Global Financial Literacy Excellence Centre, finds financial literacy to be particularly low amongst Gen Z and Gen Y in their annual financial surveys of youth and adult financial literacy.
Source: GFLEC
However, while loud budgeting may be capturing attention, there are other fundamental financial literacy principles that deserve recognition—topics such as borrowing, credit, retirement saving, investing, insurance and taxes, to name a few. At Currency Marketing, we create and distribute financial content through credit unions across North America to reach and educate their members (and potential members) in the communities they serve. Our program, It's a Money Thing, covers dozens of financial topics, each designed to educate and entertain, suitable for all digital formats and social channels—from websites to TikTok.
Financial trends may come and go, but a financial education program is a lasting investment. Over the long term, it provides the opportunity to enhance the financial well-being of both credit unions and their members. To learn more, please click the links below.
Tim McAlpine is the Founder & CEO of Currency Marketing. He is best known for developing the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members. He is also a driving force behind CUES Emerge, an emerging leader program that combines online learning, peer collaboration and an exciting competition component.
