By Tashi McQueen
AFRO Staff Writer
tmcqueen@afro.com
Now more than ever younger generations are turning to social media for their finance tips, including advice on how to budget and save.
According to the Federal Reserve Bank of Philadelphia, “TikTok has been rapidly growing as young adults’ go-to source for financial information, with content tagged with the hashtag #FinTok reaching more than 1.4 billion views. This has led to the rise of so-called ‘finfluencers’ — social media influencers who post on topics related to personal finance.”
The same agency highlights a 2023 Bankrate survey, which found that “30 percent of Americans used social media for financial advice, making it the third most popular source after friends and family (47 percent) and financial advisors and professionals (35 percent).”
As the Black-White wealth gap increases and federal job opportunities decrease under the 47th president’s administration, financial literacy for Black Americans is of the utmost importance.
Experts are branching out, finding creative ways to engage Black Americans in need of financial advice. Using social media videos, humor and photos, they build online communities and provide accessible advice in an unconventional way.
“When you understand the basics, you understand your means and you’re able to build your more,” said Nadia Vanderhall, a financial planner and educator, highlighting the importance of financial literacy for Black Americans.
Rahkim Sabree and Vanderhall are just two of the Black financial experts currently working to ensure people know how to save, budget, grow their wealth and more via social media apps.
According to the Black Economic Alliance Foundation, a non-profit affiliate of the Black Economic Alliance, the median White family has $285,000 in wealth, while the median Black family owns $44,900. The Black Economic Alliance is a non-partisan group of Black entrepreneurs and executives advocating for enhanced wages and wealth in Black America.
Nadia Vanderhall
On her platform, Vanderhall focuses on creating engaging videos, teaching the basics of money, using social media as a marketing research tool, community building and an “incubation lab” to teach people about money.
Vanderhall creates content on Instagram, LinkedIn, YouTube, TikTok and Pinterest. Through these five platforms, she’s amassed nearly 20,000 followers. On Instagram, YouTube, TikTok and Pinterest Vanderhall’s username is “nvknows.” On LinkedIn she uses her first and last name.
“What I do on social media is treat it as a group chat for finances,” said Vanderhall. “I am keen on talking about the basics while showing people how to build [their money].”
Vanderhall said she enjoys getting commentary from people online and educating them based on their discussions. Through social media, she ensures that people of color and women have an accessible, relatable alternative to mainstream financial education, which can be full of jargon and overly critical.
“A lot of people cannot afford a financial planner,” said Vanderhall. “That’s why I’m going to get my CFP (certified financial planner certification). Not only to make my fees affordable for most people, but also to give commentary on the basis of money within social media.”
According to the Certified Financial Planner Board, out of 103,206 CFP’s, only 1.9 percent are Black and only 23.8 percent are women.
Rahkim Sabree
Rahkim Sabree, a financial therapist, holds many titles and uses social media mainly to discuss financial trauma, a subject he’s done much work in, and educate people on best practices within personal finance.
He makes content on Instagram, YouTube and TikTok, and has amassed nearly 16,000 followers. His first and last name is his social media handle on Instagram, TikTok and YouTube.
On social media, Sabree shares insights on poor spending habits resulting from emotional regulation issues and personal anecdotes about money, including his experiences with financial trauma.
Sabree said his goal in discussing and centering financial trauma is to draw connections between the systemic causes of trauma-induced reactions to money, especially in consideration of his Black viewers.
“People don’t realize that financial trauma is real,” said Sabree. “They think it’s just bad money habits, but it’s deeper than that—it’s generational, it’s systemic.”
Sabree said the heightened stress that Black people experienced in centuries gone by has resulted in an “intergenerational transfer of trauma,” especially when it comes to money.
He shared the story of a client whose grandparents did not trust banks – and for good reason– their parents had money taken by a bank. As a result, his client’s family only used check-cashing locations during their childhood, which experts say can be predatory.
Sabree used the example to show how past experiences in one generation can “absolutely have an impact” on the way younger generations “perceive and view money.”
“It’s not just about making bad choices—it’s about survival–about history,” he said.
Sabree didn’t get into creating content about money on social media just to become an influencer. He hopes to share and encourage others with his own journey with money.
“I want to share that journey with people, particularly because my own foundation financially growing up was one of scarcity and lack,” said Sabree. “I want to demonstrate what is possible.”