It was during a business trip to the southern Chinese city of Shenzhen in 2019 that Briton Mark Tilbury noticed “everybody” was using TikTok, the popular video-sharing app better known for pranks, dance challenges, lifestyle tips and trolling former US president Donald Trump.
Just as the world was entering Covid-19 lockdowns in March 2020, the self-made millionaire’s 22-year-old son, Curtis, thought it would be a good idea for his father to join the social media platform as so many of his friends were always asking him for personal finance advice.
Since joining the platform 11 months ago, the 53-year-old's TikTok account has exploded, garnering an impressive 5.9 million followers and more than 46.3 million views of his videos.
Mr Tilbury’s entertaining, down-to-earth financial advice – where he takes on a “good cop, bad cop” role – covers a variety of personal finance topics, such as how to avoid scammers and deal with loan sharks, the pitfalls of credit cards, the benefits of compound interest and even how to negotiate with car salesmen, among others.
With millions of Generation Z and millennials turning to social media to learn money skills during the pandemic, UK-based Mr Tilbury says the short-form video style of TikTok is the perfect platform to reach out to youth and help them understand the basics of personal finance.
“It was never about the numbers,” says Mr Tilbury, chief executive and founder of the UK-based Model World and Century UK companies, which specialise in the radio-control model sector.
“The problem is obviously with schools as they don't really teach you anything about finance. If you said to most 16 year olds, ‘What's an interest rate on a loan?’ They would probably say, ‘What's a loan’?.
“It's surprising because I thought there was more information out there than that. It's been quite an eye-opener but, obviously, the youngsters have come back,” he adds.
“There's a lot of little mistakes and potholes they are falling down along their [financial] journey and then wondering why it's not working out for them. So that's what I try and bring to the party based on my personal experiences.”
Similar to Twitter's FinTwit hashtag, the FinTok hashtag has been driven by an explosion in bored novice traders signing up for commission-free trading platforms such as Robinhood, eToro, Interactive Brokers and the UAE’s robo-advisory Sarwa during the pandemic lockdowns.
Hungry for information on trading advice, stock tips and smart money skills, novice traders have turned to TikTok, where they are pushing the FinTok hashtag to viral levels. At the time of writing, it had more than 163.9 million views, while the related hashtag StockTok was trending at 573.6 million hits and #investing at an incredible 1.6 billion views.
“Because of everything going on with the pandemic, it’s definitely a time that people are focusing more on their money,” Carol Glynn, founder of Dubai-based Conscious Finance Coaching, says.
“So many people have been made redundant. They are worried about their jobs and economies are suffering. There's so much unknown and that's when people start looking at their financial situation and looking for advice.”
Owned by Beijing-based technology firm ByteDance and launched in 2016, TikTok has about 800 million monthly active users and has been downloaded 1.65 billion times, according to the 2020 Global Digital Overview report by We Are Social and Hootsuite.
Meanwhile, 41 per cent of TikTok users are aged between 16 and 24, while 50 per cent of the social media platform's global audience is under the age of 34, digital marketing agency Omnicore says in its TikTok by the Numbers report.
However, the personal finance trend on TikTok also has its pitfalls. This has led to financial experts warning users to be aware of potential scams and predatory advertising, as well as avoiding TikTokers with no financial experience at all.
While educational content is booming on the platform, we know it is more important than ever to make sure that the information available on TikTok is accurate
One example of financially dangerous advice on the platform came from a TikToker who urged his followers to apply for multiple credit cards, max one of them out and then use the others to pay it off. In an effort to reach out to the inexperienced “Robinhood generation”, others offer stock tips for payment or ask followers to send them money so they can invest it on their behalf.
Bad personal finance advice on the platform can be a minefield for youth, Mr Tilbury says.
“They tend to believe everything they’re told to a certain degree,” he adds. “We tend to get a lot of people trying to scam our followers in the comment sections [of videos]. We spend days just deleting them and trying to hide them.
“If somebody wants you to send them money for them to invest for you, that should [ring] alarm bells.”
While the Robinhood day trading phenomenon has been present for quite a while, scammers and novice traders tend to evangelise risky investments during a bull market, says Vijay Valecha, chief investment officer at Dubai-based Century Financial.
“The unemployment surge during this time, with jobs lost in travel, hospitality and retail particularly, have fuelled this viral trend,” he adds.
“Playing over the opportunity cost of capital combined with psychological manipulations such as regret bias, scam artists tend to gain followers and promote risky investments. The best financial advice is based on an investment policy statement and cannot be contained in a 60-second video.”
Creating a safe and positive in-app environment for users is a top priority for the platform, Rami Zeidan, the head of video and creative at TikTok Middle East and North Africa, tells The National.
TikTok deploys a combination of policies, technologies and moderation strategies to detect and review problematic content and implements appropriate penalties, he adds. This includes a fraud and scams policy, which can be found on the platform.
“We take actions ranging from restricting certain features up to banning account access, based on the frequency and severity of the reported content,” Mr Zeidan says.
“Ensuring our users have access to reliable and accurate information is very important to us at TikTok. This is why we work round the clock to ensure we create and maintain a safe environment for our users.
“While educational content is booming on the platform, we know it is more important than ever to make sure that the information available on TikTok is accurate. This is a complex, industry-wide challenge and we are consistently evaluating and refining our protective measures in our ongoing commitment to our users.”
Nathan McFarlane, the founder of Dubai-based Help With Debt, an online platform that aims to educate and help UAE residents solve their debt issues, is a rising FinTok influencer in the Middle East with nearly 25,000 followers and more than 169,000 likes.
The former financial adviser spends up to four hours a day on the platform, engaging with his followers and filming and uploading a video once a day that primarily focuses on smart money tips.
Like most social media platforms, Mr McFarlane says the FinTok hashtag has its pros and cons.
“When there's something new out there, there's going to be people who do things for good, but there's also going to be crooks who do things to their own advantage to line their pockets,” he says.
“If TikTok is used correctly, it can educate a generation that simply weren't educated on personal finance before,” he adds. “If they go to good channels … they will [find] good information that they otherwise wouldn't have had access to.
“But the problem is when you're young, you're careless … and it's going to open up opportunities for bad people to take advantage of young people's understanding of situations. Obviously, with personal finance, that can be very bad because people [are] gambling their money away for it.”
However, Mr McFarlane believes that TikTok has revolutionised the way youth learn, giving them an opportunity to educate themselves about money and investing.
“This is an entire generation of people that realised they need to invest to build themselves a better future,” he says. “On the back of that, investing has become cool. They actively want to know about investing."
Financial literacy is essential in the modern world because it provides the knowledge and skills required to manage money effectively, says Mr Valecha of Century Financial.
While every investment carries a certain degree of risk, it is essential to understand how it works, the risks involved and the hidden costs associated with it, as well as your own risk profile and objectives, he adds.
“It is a necessity nowadays to invest in personal financial education, so that the current generation of young people grow up to be consumers who are capable of making responsible choices that pave the way to a healthy financial future for themselves and society,” he says.
To avoid being scammed and potentially losing your life savings, Ms Glynn, of Conscious Finance Coaching, says it is important to be sceptical of get-rich-quick schemes.
She recommends finding an independent adviser who has the qualifications and credentials to help with investments and financial goals, as well as doing your own research before making important financial decisions.
“There's so many scams out there and you can lose a lot of money very quickly,” Ms Glynn says.
“That can be very damaging to people, both financially and mentally. It's always good to get lots of different viewpoints, different recommendations and opinions, but [also] do your own research. If it feels like it's too much, too good to be true, it usually is.”
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Off-roading in the UAE: How to checklist
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
BIOSAFETY LABS SECURITY LEVELS
Biosafety Level 1
The lowest safety level. These labs work with viruses that are minimal risk to humans.
Hand washing is required on entry and exit and potentially infectious material decontaminated with bleach before thrown away.
Must have a lock. Access limited. Lab does not need to be isolated from other buildings.
Used as teaching spaces.
Study microorganisms such as Staphylococcus which causes food poisoning.
Biosafety Level 2
These labs deal with pathogens that can be harmful to people and the environment such as Hepatitis, HIV and salmonella.
Working in Level 2 requires special training in handling pathogenic agents.
Extra safety and security precautions are taken in addition to those at Level 1
Biosafety Level 3
These labs contain material that can be lethal if inhaled. This includes SARS coronavirus, MERS, and yellow fever.
Significant extra precautions are taken with staff given specific immunisations when dealing with certain diseases.
Infectious material is examined in a biological safety cabinet.
Personnel must wear protective gowns that must be discarded or decontaminated after use.
Strict safety and handling procedures are in place. There must be double entrances to the building and they must contain self-closing doors to reduce risk of pathogen aerosols escaping.
Windows must be sealed. Air from must be filtered before it can be recirculated.
Biosafety Level 4
The highest level for biosafety precautions. Scientist work with highly dangerous diseases that have no vaccine or cure.
All material must be decontaminated.
Personnel must wear a positive pressure suit for protection. On leaving the lab this must pass through decontamination shower before they have a personal shower.
Entry is severely restricted to trained and authorised personnel. All entries are recorded.
Entrance must be via airlocks.
Zayed Sustainability Prize
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
