Today Empower launched an official brand presence on TikTok “to deliver the accessible and authentic financial information young investors say they crave,” the Denver-based recordkeeping giant said in a statement.
Empower’s TikTok channel (empowertoday) launched this month with short videos that aim to provide jargon-free financial information and education to young investors on topics that will answer questions such as, “What is inflation?”
“We all have questions about our finances, and we want to make the best decisions for our future,” said Tom Nun, Empower’s portfolio strategist, who appears in some Empower TikTok videos offering educational tips on financial topics. “We hope to share relevant financial information about current economic events, like inflation, that can inform financial decisions. We’re shedding the jargon and making finance talk accessible and real.”
• SEE ALSO: BlackRock on TikTok: How Financial Firms are Targeting the Next Generation of Investors
The worldwide pandemic and its effects on the economy have sparked a desire for more personal finance and financial wellness information and education, said Steve Jenks, chief marketing officer.
Generation Z (born in 1996 or later), which is already ahead of other generations in saving for the future—including Baby Boomers, who are leaving the workforce by the millions each year—also has the highest percentage rate of any generation in terms of participating in Empower workplace savings plans. Read all the conclusions here.
In an Empower survey, Gen Zers said they want more financial education, with 76% saying they feel comfortable getting help.
“It makes sense to meet investors on the platforms where they are searching for news and information,” Jenks said. “Our mission at Empower is to arm investors with the information and knowledge they need to make the best financial decisions for their futures.”
Empower also provides financial information on Facebook, Instagram, Snapchat, Twitter and YouTube. TikTok, one of the fastest-growing social media platforms in the world, attracts young adults ages 25-44. In typical TikTok fashion, the quick-hit Empower clips run about 15-45 seconds in total length.
“Young Americans are searching for financial information and advice—and they are more frequently turning to social media platforms to find it,” said David Wilson, assistant vice president of thought leadership and digital media. “We’re excited to have some fun, while we connect with more people and help get them engaged in their financial future.”
Professional golfer Mariah Stackhouse, of the Ladies Professional Golf Association (LPGA) Tour, is among the first of Empower’s brand ambassadors to talk about her goals on the Empower TikTok channel.
“With these short videos, we can emphasize savings education, explain a wide array of financial wellness topics and provide answers to many basic questions,” Jenks said. “By accessing our experience and expertise, investors can get authentic, data-driven information and make solid financial decisions that are best for them.”
According to Empower research, engaged retirement plan participants have dramatically higher savings rates—9.2% vs. 5.7%—than those who are not engaged.
“When investors are engaged, they feel more confident they are saving enough, rate themselves higher when it comes to financial knowledge and feel more comfortable in making investment decisions,” Jenks said. “Gen Zers are just getting started, and they’re likely to face a host of financial decisions and challenges. It’s crucial to continue ongoing conversations with them and to deliver a steady cadence of relevant education and guidance that can help them make informed financial decisions.”
Empower, which recently shortened its name from Empower Retirement, administers approximately $1.1 trillion in assets for more than 13 million retirement plan participants and is the nation’s second-largest retirement plan recordkeeper by total participants.
SEE ALSO:
• BlackRock on TikTok: How Financial Firms are Targeting the Next Generation of Investors
• Gen Z, Millennials Using Social Media for Financial Advice
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
