Yahoo Finance TikTok’s Taylor Price Shares What She Wishes Everyone Knew About Inflation
Taylor Price, known as educate Gen Z on financial literacy. Her goal is to help Gen Z build a budget, start saving, pay off debt and invest. Her work has been featured on Good Morning America, FOX Business, Wall Street Journal, New York Times, Business Insider, CNBC, MarketWatch and more.
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Price has been selected as one of GoBankingRates’ Top Money Experts, and here she shares the importance of understanding inflation, maintaining a good credit score and social media’s effect on financial responsibility.
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What’s been your most popular video, and why do you think it has resonated with so many viewers?
One of my most popular videos is actually about how to get a good credit score at 18. I believe it has resonated with so many viewers because it’s crucial to establish a good credit score early on in life in order to build a strong financial foundation.
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You know, having a good credit score can increase your chances of getting approved for credit cards, loans, and other financial products with favorable terms and conditions. Plus, I think many young adults may not fully understand the importance of having a good credit score or how to go about building one. That’s where my video comes in — I tried to provide valuable information and practical tips for those who were looking to improve their credit score.
You’re passionate about increasing financial literacy. What topic do you wish people were more informed about, and why is it so important to have an understanding of this topic?
I wish people were more informed about inflation and its effects on the purchasing power of our money. If inflation is high, the cost of goods and services increases, which means we have to spend more money to buy the same things we used to. This can be especially challenging for those on a fixed income, like retirees or people living on minimum wage. By being informed about inflation, individuals can take steps to protect their purchasing power and make informed financial decisions.
There’s a lot of great financial advice on TikTok, but also a lot of not-so-great advice. How can viewers determine what advice they should and shouldn’t follow?
Checking the credentials and motives of the person giving the advice is a great start! Due your own due diligence and look for evidence to support the advice you see before taking action. Lastly, personal finance is personal — consider your own financial situation and goals to better evaluate the advice being given.
What’s the worst financial advice you’ve seen being given (on TikTok or elsewhere), and why is this bad advice?
The worst advice that I’ve seen on social media is the idea that it’s OK to take on high levels of debt to pursue a certain lifestyle or purchase when you’re young. Social media perpetuates and romanticizes the idea of living a glamorous lifestyle filled with luxurious and expensive trips, often promoting the idea of “doing everything while you’re young.” This can lead young people to feel pressure to spend beyond their means in order to keep up with the lifestyle they see portrayed on their feeds.
It’s important to remember that social media is often a highlight reel and doesn’t reflect the full reality of someone’s financial situation. It’s crucial to prioritize financial responsibility and plan for the long term, rather than sacrificing financial stability for short-term gratification.
Jaime Catmull contributed to the reporting for this article.
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