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Home » Financial Literacy & The Social Media Generation: Nelson Soh (Transcript)

Financial Literacy & The Social Media Generation: Nelson Soh (Transcript)

Here is the full transcript of financial literacy expert Nelson Soh’s talk titled “Financial Literacy & The Social Media Generation” at TEDxGrandviewHeights 2022 conference.

Listen to the audio version here:


The Social Media Generation

A new generation began in 1985. Leading edge babies are now in their 30s. I’m one of them! And we are the social media generation. We are unlike any generation the world has ever seen. We are educated, competitive and high-tech. But we have a massive weakness. It is our lack of financial literacy.

Financial literacy is being able to understand money and how it works. How many of us understand, good debt versus bad debt? Compound interest? And the idea of paying ourselves first?

If we don’t understand money, how will we be able to buy the things we want to buy, do the things we want to do and one day retire debt-free? As a member of the social media generation, I live in the present. We are so present that we have a hard time thinking about the future. Don’t ask me what I want for dinner tomorrow. That’s a future me problem.

Entitlement and Instant Gratification

And this applies to our finances as well. Future me will deal with it. Where’s this all coming from? It’s coming from us. We feel the world owes us something. We feel entitled. We want our ego to be stroked. We want the good things in life, and we want them now. Instant gratification.

As part of the social media generation, I grew up with smartphones and social media. My friends and I would rather send text messages and videos than meet up in person. Phone calls? Pfft, not a thing. We use social media to let others know what’s happening in our lives. “Hey, did you see that on my Instagram story” is what we commonly ask our friends.

The Highlight Reel

And we only show the world the best of our best. We are a generation that’s motivated by likes, comments, views and shares. What other people think about us is so important. Sometimes we forget that social media also shows the best of other people’s lives.

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