The Office of the Comptroller of the Currency (OCC) has called on U.S. financial institutions to take a more active role in improving their customers' financial well-being by offering accessible and high-quality financial education. This call aligns with National Financial Capability Month, yet data reveals that consumers are consistently seeking trustworthy financial advice throughout the year. Younger generations, especially Gen Z and millennials, show a strong preference for informal sources like social media over traditional financial advisors. PYMNTS Intelligence reports highlight this trend across both the U.S. and the U.K., showing that many young people turn to TikTok influencers for budgeting tips and investment guidance. Simultaneously, there is a significant demand for personalized tools and resources related to retirement planning, emergency savings, and debt management. Meeting these needs not only supports financial literacy but also strengthens customer loyalty and attracts new clients looking for expert support.

Rising Reliance on Social Media for Financial Guidance

A growing number of younger consumers are turning to digital platforms, particularly TikTok, for personal finance advice rather than consulting traditional financial professionals. This shift indicates a gap between what financial institutions currently offer and what consumers—especially Gen Z and millennials—are actively seeking. Many young adults admit to lacking basic financial knowledge, such as awareness of their credit scores, and instead rely on influencers who they perceive as relatable and trustworthy. This trend underscores the urgent need for credible, engaging, and easily accessible financial education from established financial service providers.

Across both the United States and the United Kingdom, surveys reveal a consistent pattern: young consumers increasingly depend on social media personalities for budgeting strategies, saving techniques, and even complex financial decisions like investing or choosing a mortgage. In the U.K., nearly 60% of Gen Z users follow "fin-fluencers" on TikTok, and over a quarter believe these influencers provide better advice than certified financial experts. Moreover, nearly half find these figures helpful when making financial decisions, and one-third say they've been inspired to switch banks based on influencer recommendations. These findings suggest that while social media fills an immediate need, it lacks the reliability and depth that professional institutions can provide. As a result, financial institutions have a critical opportunity to step in with accurate, tailored, and authoritative content that competes with the accessibility and appeal of online influencers.

Demand for Personalized Financial Tools and Education

Consumers across all age groups are expressing a clear desire for more personalized financial education and tools that help them manage their money effectively. From building emergency funds to planning for retirement and managing debt, there is a strong appetite for customized solutions that reflect individual financial goals and life stages. Notably, younger generations show the highest interest in receiving expert guidance, particularly regarding 401(k) planning and investment strategies. This presents a prime opportunity for financial institutions to expand their educational offerings and position themselves as trusted partners in their customers’ long-term financial journeys.

Data from PYMNTS Intelligence shows overwhelming interest in tools that support financial growth and stability. A significant majority of Gen Z and millennial respondents expressed a desire for assistance in managing retirement accounts, with over 80% indicating they would welcome expert advice on the subject. Even older demographics, such as Gen X and baby boomers, show considerable interest, reinforcing that the demand for personalized financial education spans generations. Additionally, consumers are seeking tools to build emergency savings, reduce debt, and make informed investment choices. Offering these services not only addresses a real consumer need but also allows financial institutions to strengthen relationships with existing clients and attract younger audiences who may otherwise seek advice from unverified online sources. By stepping up to meet this demand, FIs can fulfill a public service mission while simultaneously enhancing brand loyalty and expanding their customer base.