TikTok is expanding beyond shoppertainment by offering financial edutainment content, in line with the trend of people seeking more financial knowledge to help manage the rising cost of living.
The move is also aimed at attracting advertisements from the finance sector.
The Digital Advertising Association of Thailand (DAAT) forecasts that TikTok will gain advertising revenue of 3.6 billion baht this year, accounting for 11% of the total value of the digital advertising market estimated to be worth 33.8 billion baht.
The DAAT says banks will spend 1.1 billion baht, financial institutions will spend 480 million baht, while the insurance sector will spend 786 million baht on digital advertising in 2024.
Finance content is a priority for Thais as the cost of living continues to increase, said Sirinit Virayasiri, head of business marketing at TikTok Thailand, citing a study commissioned by TikTok and carried out this year by Kantar exploring the financial behaviour of 760 TikTok and non-TikTok users in Thailand.
The survey found that 98% of Thais are aware of the rising cost of living and 74% said they have made adjustments in terms of savings and investments.
Users seek financial content to help manage their finances. Around 84% of respondents are seeking financial knowledge in order to manage budgeting and expenses, 74% seek knowledge for income generation and financial security, and 70% seek knowledge for saving and debt management.
This offers opportunities for brands to create a significant impact as the survey found that these users take action after seeing financial content on TikTok, with 69% of respondents researching products, and 62% of respondents considering the products and providers.
"We are offering bite-sized financial content that is entertaining through brands, creators and communities," said Ms Sirinit.
The survey found 79% of respondents said they access TikTok more than once a day. Some 89% of respondents own banking products, 89% use a payment channel, 62% access insurance, 43% own investment products and 40% use loan and credit services.
By occupation, 71% of respondents were white collar employees, 18% blue collar workers, 18% freelancers, 5% business owners and 5% were full-time students.
The respondents also stated that most commonly cited financial concern among 73% of respondents was an emergency and unforeseen expense. The next most commonly cited financial concern was investment risk (71%), followed by retirement and long-term financial planning (57%), and debt and interest rates (48%).
Around 27% of members of Gen Z, 26% of members of Gen X and 69% of baby boomer respondents said they were trying to live within their means and were avoiding impulsive purchases, while 50% of millennials prioritise saving a portion of their income on a monthly basis before spending on non-essential items.
The survey found that when it comes to insurance products, 77% of respondents use life insurance, 75% use auto insurance, 47% get covered for accidents/hospitalisation, 38% had saving plans, and 32% used critical illiness insurance.
The survey found the three most trusted sources of content among TikTok users were that generated by financial experts (57%), verified brands (49%), and real testimonials (48%).
Ms Sirinit said the financial content segment is one of the fastest growing segments on TikTok as more financial services see TikTok as an alternative choice to reach potential clients.
The survey suggests nine in 10 TikTok users in each generational group believe financial content on TikTok is easy to understand from the point of view of product research, consideration and sharing with others.
"We will explore more growth opportunities in finance through our platform in 2025," Ms Sirinit said.