Gen Z is increasingly turning to social media platforms like TikTok and Instagram for investment advice, driven by a desire for financial independence and fueled by the rise of "RichTok," according to a recent survey by the Oliver Wyman Forum. The survey, which analyzed data from 300,000 investors over five years, found that social media was the top reason cited by 55% of Gen Z and 44% of millennial investors for getting into investing.

This trend reflects a broader cultural shift as younger generations seek alternative pathways to financial security. Personal finance influencers are filling a void, offering accessible and engaging content that demystifies complex financial topics. Videos explaining stock market basics or investment strategies, often framed with pop culture references, garner hundreds of thousands of views.

Vivian Tu, known as Your Rich BFF, has amassed a significant following with 2.7 million TikTok followers and 3.8 million on Instagram. She provides advice on investing, financial planning, and tax strategies. "Suddenly, you have someone who doesn’t look like your dad’s financial advisor," Tu told Fortune. "You have somebody who looks like I could be anybody’s college best friend."

Tu's approach emphasizes entertainment and relatability, transforming finance into "funance" to make it more appealing to a younger audience. This resonates with Gen Z, who often feel disconnected from traditional financial institutions and advisors. The accessibility and relatability of these influencers are key factors in their popularity.

The rise of "RichTok" and the reliance on social media for investment advice raise questions about the potential risks and benefits. While these platforms can democratize financial knowledge, they also expose users to misinformation and potentially harmful investment strategies. It remains to be seen how this trend will shape the financial futures of Gen Z investors.