Exploring the evolving landscape of financial literacy and the role of consultants in our financial journeys.
Back in 2009, I stumbled upon a meme on Facebook that resonated with many: “Become a fan if you wish schools taught how to file taxes and balance checkbooks instead of useless things like algebra.” While ideally, students would acquire essential financial skills before entering adulthood, let’s face it—topics like quadratic equations were anything but exciting. Who wouldn’t rather learn about student loans and insurance while grappling with texting in class?
As I ventured into the workforce, I often found myself asking senior colleagues—who were, notably, old enough to be my parents—for help deciphering the jargon in my IRAS letters. I still recall the bewildered looks on the faces of a couple of insurance agents who approached me at Wilkie Edge. It became apparent that my understanding of finance was quite limited, which is ironic considering I had a job as a writer—numbers and statistics were not my forte.
Recently, however, I’ve started to gain insights into financial concepts thanks to the rise of accessible content from creators like The Woke Salaryman and @niaolikesiao. They’ve helped me understand crucial matters, like how saving $90 out of $100 doesn’t mean I’ve saved that amount when inflation is factored in.
Simplifying Complex Topics
If concepts like housing loans and interest charges were presented without jargon, perhaps more people would grasp their significance. This is likely why bite-sized financial literacy content is thriving. Comics have long been an effective medium for communication—whether for propaganda, humor, or important messages.
Goh Wei Choon, co-founder of The Woke Salaryman, has noted that graphic storytelling can make intimidating topics accessible to a wide audience, often without readers even realizing it.
We have a strong appetite for financial content that feels inclusive, and the numbers reflect that. Since its launch in 2019, The Woke Salaryman has attracted over 341,000 followers on Instagram and more than 400,000 on Facebook. Similar finance-focused platforms, like The Simple Sum and personalities like Robert the Otter, have successfully used engaging visuals to promote financial literacy.
With the explosive growth of TikTok, where anyone can share short-form videos and build a following, financial content creators are seizing the opportunity. If #fintok is any indication, personal finance influencers are posting daily, reshaping how everyday individuals perceive personal finance.
Had these resources been available during my teenage years, perhaps I wouldn’t have left such a poor impression on those two insurance agents. I might have started investing sooner or understood the insurance policies my parents initially took out for me.
Too Much Information?
However, there is a downside to the abundance of information. Valerie, a 24-year-old AIA financial services consultant, candidly states, “Comics, memes, and social media content are excellent for grabbing interest, but that’s where it often stops.”
She believes that bite-sized financial advice should be viewed as a starting point. While it may spark curiosity, it often oversimplifies complex topics. Most people know they should invest early, yet the overwhelming amount of information can lead to confusion—like choosing a washing machine from thousands of options. Where do you even start?
Not everyone sharing financial advice has the necessary qualifications. Unlike the random voices on social media, AIA financial consultants spend considerable time studying, taking courses, and passing exams to ensure they’re well-informed. For young adults looking to boost their financial literacy through short-form content, it’s easy to adopt well-meaning advice that doesn’t apply universally.
Valerie’s colleague, Hadly, adds, “You can’t condense complex financial concepts into a 15-second video without oversimplifying.” Even with heightened interest in personal finance, it feels like we’ve only scratched the surface of a vast topic.
Navigating Financial Waters
Much like my own experience, I recognized that I lacked the expertise to manage my finances effectively, leading me to seek guidance from my financial consultant. Thanks to her patient explanations, I understood that, given my responsibilities—such as caring for two aging parents—a personal accident plan was a more prudent choice before diving into investments.
While I appreciate the rise of social media in fostering interest in finance, I still value the role of a knowledgeable consultant. The benefits of bite-sized content far outweigh the negatives, as more young adults are now seeking financial advice earlier in life.
Hadly recalls a young NSman who reached out to him after seeing his vlogs. “My content isn’t exclusively about personal finance; I share snippets of my life, including fitness and food, with occasional financial tips,” he explains.
His focus is on creating “organic outreach,” showcasing authenticity rather than cold marketing tactics. This approach allows potential clients to view him as a reliable mentor, leading them to seek his guidance on financial matters.
Valerie, too, has found many of her clients among her peers and school juniors, many of whom were drawn in by her Instagram stories about her own journey in wealth management.
In this way, financial content becomes a form of personal branding. When consultants demonstrate their expertise in an engaging manner, it encourages people to seek them out for financial advice—quite a shift from the pre-pandemic days when insurance roadshows were often avoided.
The Role of Financial Consultants
Some believe the title “insurance agent” has evolved into “financial services consultant” due to social stigma. This change reflects their current roles more accurately; they are not merely selling insurance but acting as resources for clients, helping them navigate their financial options.
Think of them as guides through the financial jungle that social media content has introduced you to. Reading comics about financial independence won’t magically impart knowledge; most of us need more than just quick tips to make informed decisions.
While it’s a positive development that more people are interested in personal finance, we must acknowledge that this is only the beginning. The path to financial literacy is a journey best undertaken with guidance and education.
