PULSE Perspectives - June 2021
TikTok Becoming Source of Financial Advice for Young People
The Wall Street Journal, May 2021
Would you go to TikTok for financial advice? If you’re among the younger people to whom the social media platform caters, the answer might be yes. That’s according to a report in The Wall Street Journal, which noted that the short, easily digestible nature of TikTok’s content makes teens and twenty-somethings more likely to delve into complex topics like investing or personal finance. A survey by LendingTree shows that roughly 41% of Gen Zers use TikTok for investment information.
PULSE Perspective: TikTok and other social channels offer easy access to an audience that hungers for the knowledge issuers can share. Our advice is that issuers should experiment with brief video messages, and it may be wise to engage influencers who have a proven track record on the platform.
Atlanta Fed Committee to Advance Inclusive Payments
CU Today, May 2021
The Federal Reserve Bank of Atlanta has formed a new special committee to look into ways for those reliant on cash to become more integrated into the digital economy. According to a report in CU Today, the committee will be a collaboration between the public and private sectors. Their work will focus on things like digital wallets, mobile payments and peer-to-peer payment apps, which offer more convenience, but could exclude cash-based users and vulnerable populations.
PULSE Perspective: We welcome the committee's work and look forward to its findings. We share concerns that the digital economy that exploded during the pandemic has not been friendly to those without ready access to digital payments options.
Financial Execs Want a Return to Office
Bloomberg, May 2021
Bloomberg reports that a survey from Accenture of 400 North American financial-services executives found that almost 80% prefer for workers to spend four to five days in the office when the pandemic is over. The majority say remote work is making it difficult to train younger people and is hurting company culture. Even so, Accenture says many employees want to maintain flexibility after proving they can stay productive from home. In a survey of 500 U.S. women working across finance, Accenture found that 29% have left their jobs either temporarily or permanently during the pandemic. Another 34% are still considering leaving their companies.
PULSE Perspective: The return to the office in the second half of 2021 could be just as jarring and potentially disruptive as last year’s effort to transition most office workers to their homes. Employers should consider all potential impacts before finalizing their return-to-work policies.