Skip to main content

How Can Social Media Change the Financial Literacy Mindset of Millennials?

When talking about financial literacy, most of the things I learned are from the discussions I have had with my friends and personal research through the pages of the internet. In simplest terms, financial literacy is budgeting your money and understanding how money works so that you will get the most of its value over time.

I feel that the lessons I got in the classrooms during my high school years were inadequate. Either they lacked content or I didn't have a mature mindset to understand inflation, the stock market, insurance, and other technical financial jargons back then. In my mind at that time: I just needed to pass this subject!

And here comes the so-called "real world" after graduating college. After my 15 years of studying, where will I go next? Will my family expect me to be already earning enough money and can I give them a monthly portion of my paycheck? When will I reach my first million peso savings?

Like you, my fellow millennials, it was only after I got my first salary that I realized my mother was a superhero. How else could she budget all the money she earned and making sure it was enough to feed a family of four?!

For the first four years after graduating college, I saved almost nothing. I traveled a few places and made memories with my friends, but how about an update on my first million peso savings? I did my Math and, unfortunately, I'm not getting that amount in the next ten years if I only save my money in the bank.


My fellow millennials, it is more important to have the right mindset towards money and budgeting before any lesson in financial literacy. No matter how much a person can understand concepts, it is useless when he/she cannot give time and effort in applying these lessons in life.

What is the right mindset? For me, is it when you realize that money will depreciate its value over the years. Your P1,000 today has less value compared to what you can get from that amount 10 years ago. Special thanks to inflation for making that happen. Inflation is the rate in which the goods and services are rising and the purchasing power of our money is falling.

What should we do then? Beat inflation. How? By being financially literate!

The goal of financial literacy is saving enough money for the future making it possible for us to move forward from any untoward event in our life that needs a substantial amount of money. Like an untimely death of a family member. Or an accident. Marriage? Yes, and having a family, too. All these events will make you rethink your budgeting skills.

Being financially literate is to understand that saving in the bank isn't enough. Nor keeping your cash on time deposit. Why? The average rate of inflation is 4-6% annually while the average interest rate in the bank is less than 1%. This only means one thing: you're losing money if you rely on bank savings!

I can still remember my grade school teacher telling me to start saving my money in the bank to earn interest. I wish I could talk to her again soon and tell her that the bank isn't the best place to put my savings in. Since I already understand this, I feel the need to share this with you, my fellow millennials.

The main question is: are you ready to save for the future the right way starting today?

READ: 10 Tips For A Better Life Ahead: The Millennial Way


I have observed that my fellow millennials are enjoying their budget travels inside and outside of the Philippines. Some of them are enjoying their weekend lifestyle in bars, cafes, and restaurants. A few have already bought policies from insurance companies and made several types of investments. Which one are you?

Sure enough, it is very millennial to explore the wonders of the Philippines. And eventually, the world. We have an active body willing to be at the summit of the mountain. Or the depths of the sea. Thus, it is a no-brainer why we see many millennials taking this adventure of a lifetime today! Documenting our travels is what millennials do best, right?

When not traveling, millennials can usually be found at nearby coffee shops and bars. In fact, aside from studying, the usual destination for barkada meetups is the coffee shop. These places are popping up like mushrooms in almost every corner of the city. The demand is brought about by the millennial population's need for a friendly ambiance to chill and unwind from the stress at work. Or getting a break from school. Imagine how many cups of coffee each customer buys in a month.

Now, what if the amount spent by the millennials in traveling or buying expensive coffee was invested the right way? There would be enough to secure the future!

I'm happy to see that I already have friends who understand the worth of our money. They have already made several exciting investments in the stock market, became members of a local cooperative, and have purchased life and health insurance policies. When I asked my friends about why they're already making these various financial investments, here are some of their answers:
  • a relative is selling insurance policy and helped him understand its value,
  • her father died and her family has to loan money for his medical expenses and burial because he didn't have insurance,
  • he wants to retire at 50 and spend the rest of his life relying on passive income, and
  • she's a family breadwinner and becoming a cooperative member will save her from financial burden.
The question is: how will I convince you that we need to start saving today, my fellow millennial?

READ: Dear Millennials, Let's Use Technology To Save Our Future


With just a click of a button, you can now send a message to someone on the other side of the world. With more and more Filipinos having access to the platform, it is the easiest way to connect family and friends wherever they are in the world.

I recently made an experiment on social media. These are the two posts I wrote on Facebook to illustrate my point. First, I asked my friends what are the best type of insurance for me. And several weeks after that post, I posted about different types of investments they can recommend to me.

You can check the comment sections of each post to acquire financial tips from my friends.

This is just one way of utilizing social media when making a financial decision. Note that the quality of your network should be considered. Thus, it is best to research which groups and pages are giving quality financial advice and connect with them.

When in doubt, the best thing you can do is ask. Either your friends can answer your question or they will tag a friend whom they think will be able to help you with your problem. That happened to me when I asked for an insurance recommendation.

With that single post, I’ve had meetups with financial advisors from various companies and discussed with them what I needed and how much I can afford. It was exciting for me as these meetups have made me understand more financial jargon, especially dealing with insurance policies.

You can also try this experiment. In just a day or so, you will see yourself either talking to several friends or be researching more topics with the help of the internet. Like you, I'm continuously learning to understand this financial world for me to have a more secure future. It's a long way ahead but as long as we are hungry for new information, we'll eventually get there.

Always remember this: with the right mindset, a brighter day awaits, my fellow millennials.


Popular posts from this blog

10 Famous Streets in Cebu

Have you been to Cebu City? The Queen City of the South is the one of the most popular cities in the Philippines along Manila and Boracay.
If you are a Cebuano, you have probably realized that many streets in Cebu are named after famous people in history. I decided to gather 10 common streets in Cebu and create a list of meaningful information about these streets.
1. Colon Avenue
Named After: Christopher Columbus (c.1450/1451–1506)
Trivia: Cristobal Colon, or more popularly known as Christopher Columbus to many, is an Italian explorer. He has completed 4 voyages across the Atlantic ocean.
Location: Colon Street is in downtown Cebu. Previously known to be the center of commerce in the city, Colon is now to known to be the Divisoria of Cebu.

2. Gorordo Avenue
Named After: Bishop Juan Bautista Perfecto Garces Gorordo (1862–1934)
Trivia: Did you know Bishop Juan Bautista Gorordo is one of the former Bishop Emeritus of Cebu from 1910 to 1931?
Location: Gorordo Avenue expands from Colegio…

#UPCebuAfterSunset compiles ghost stories from UP Cebu

Ghost hunting, horror stories, paranormal activities… you can visit UP Cebu to experience these out-of-this-world events. Yes, University of the Philippines Cebu is one of the spooky places in Cebu where there are spiritual sightings.
I have compiled several ghost sightings in the campus as determined by some of the students I’ve talked to and conversations heard and read here and there, some of which are edited version of confessions from “Speak UP, Iskolar” published late last year. Believe it or not, according to them, these stories are true and they can attest to the veracity of these experiences.
I have categorized these stories according to the places these ghost stories happened. If you have additional stories you experienced, feel free to share those to us by sending it here.
(1) “Kuyog ko sa akong friend adto then nisulod siya sa Admin CR. 
Manudlay usa daw siya before mi manulod sa among klase. Nahibu’ng ko kay nikalit na siyag siyagit. Nigawas dayon siya then asked he…

#BalakPaMore: Cebuano Poetry in Random Corners of Cebu

Do you know where’s the Capital City of Cebuano Poetry? With no doubt in mind, it’s Cebu. Unofficially, of course.
For the past few weeks, Cebu City has been filled with Cebuano poems locally called as balak being posted in random corners like the street walls, electric posts, skywalk, and other public places!
Here are some places that Cebuano poems were posted:

1. Water Drum

A photo posted by Kristia Bait-it (@imkristia21) on Sep 30, 2015 at 12:36am PDT

This poem of Melquiadito Allego, BATHALAD (a Cebuano literary community) founder, is posted in of one of the most obscure places in Cebu City. Do you find this romantic in any sense?

2. Truck Tire
A photo posted by Gwyneth Rule Estenzo (@gwynethestenzow) on Sep 29, 2015 at 5:21am PDT

This artwork of Marjorie Evasco is sitting on an abandoned tired somewhere in Lahug. Seeing this will prove that poetry is indeed becoming part of our society!

3. Side Walk
A photo posted by Sherry Rose La Grido Indino (@sherryindino97) on Sep 30, 2015 at 3:…