The Bank of England (BOE) is expanding its communication strategy to reach younger audiences through social media platforms.

According to Bloomberg, BOE Governor Andrew Bailey recently debuted on TikTok and participated in an interview with personal finance influencer Abigail Foster. The video garnered over 42,000 views on TikTok and nearly 3,000 likes on Instagram.

The BOE’s digital outreach comes at a critical time for the central bank. 

According to the bank’s latest inflation attitudes survey, public confidence in the BOE has declined amid rising inflation, with younger age groups expressing the most dissatisfaction.

Simultaneously, the bank faces challenges from online misinformation about its policies and their effects on the economy.

Efforts to Reach Gen Z

The BOE’s social media strategy encompasses multiple platforms and approaches. 

The bank launched an Instagram profile in March 2024, quickly amassing 92,000 followers. It has also created a TikTok profile, but the content has yet to be posted directly on this platform. 

The BOE is collaborating with influencers and featuring celebrities in promotional content to expand its audience reach. For instance, dancing show stars Curtis and AJ Pritchard appeared in a video launching new King Charles bank notes.

These efforts address changing news consumption habits among younger generations, who are less likely to read traditional financial news sources. 

In 2022, the bank’s youth forum advised officials to create their content to counter misinformation, and the BOE’s latest annual report identified social media trends as an “emerging risk” to its communications.

Foster, the 30-year-old certified public accountant who interviewed Bailey, noted that the cost-of-living crisis has significantly increased young people’s interest in financial matters. She highlighted the disconnect many younger individuals feel from financial institutions and the prevalence of online misinformation about personal finance.

Central Banks vs. Influencers

The BOE’s social media presence faces competition from existing content creators. 

Some influencers have been explaining the bank’s policies to hundreds of thousands of viewers for years.

Other central banks are also adapting their communication strategies. The U.S. Federal Reserve launched its Instagram profile in October 2023, accumulating over 200,000 followers. The European Central Bank, which has been active on Instagram since 2018, has about 80,000 followers.

The BOE’s efforts to reach younger audiences serve a policy purpose beyond public relations. Controlling inflation expectations is crucial for the central bank, as it influences future price change perceptions and wage demands.