How are influencers selling a million-rupee dream to the Youth of Assam?

Ved Ontoreep

In today’s fastest growing world, many of us are chasing a dream of owning a home, a luxury car, and living a life full of material pleasures. This seeking has become a central goal for much of Assam’s youth, with over 50% of the population under the age of 25.

The younger generation is working hard, pouring their energy into achieving this dream. But the increasing influence of social media has led some astray.

Social media influencers are now cultivating a dangerous environment. They often create a sense of FOMO (fear of missing out) among young people, making them feel as though they are falling behind in life by not living the luxurious lifestyle that influencers flaunt online.

Whether it’s expensive apartments, flashy cars, international vacations, or branded clothes, influencers present an image of success that many youths feel pressured to attain.

How are Influencers Selling a Million-Rupee Dream to the Youth of Assam? — Photo by Mike Bird on Pexels.com

However this life portrayed on social media is often far from reality. Influencers use their lifestyle to attract attention and, in turn, persuade their young audience to follow them. This has led to a growing mental health crisis, as youth become anxious, feeling that they are late in life. In their desperation to “catch up”, many youngsters step onto risky paths, some of whom put them in serious danger.

Nowadays the rise of influencers promoting potentially harmful financial schemes, such as trading and gambling is a serious concern to society. These influencers, without any credible background in finance, persuade their followers to invest in trading platforms or gambling apps, selling them a dream of becoming a millionaire instantly.

They target young people who often lack proper financial knowledge and have already bought into the fantasy of easy wealth. The reality, however, is that these influencers are more focused on their own profit than the well-being of their audience.

Many of these influencers partner with non-authentic trading and gambling apps, receiving large commissions. It’s reported that influencers with millions of followers can earn ₹ 15-20 lakhs a month by promoting these services.

Unfortunately, the apps they promote are often not properly regulated or trustworthy, leading to huge losses for those who follow their advice. A particular dangerous practice is the promotion of Intraday or Optional trading. Influencers encourage their followers to engage in high-risk trading without having any real knowledge of the stock market.

Worse, many of these so-called “experts” are not licensed by the Securities and Exchange Board of India (SEBI), which mandates that anyone providing financial advice must be certified.

One of the most insidious tactics used by influencers is the “pump and dump” scheme. Here, influencers with large followers recommend buying a particular stock, causing their audience to rush in and increase demand. This demand raises the price of the stock. Once the price goes up, they sell off their shares, leaving their followers with worthless stocks as the price inevitably crashes. The young investors end up with significant losses, while the influencers walk away with a profit.

The consequences of these practices are terrible. Many young people are losing their life savings or their parents’ hard-earned money in hopes of becoming millionaires in just a few months. It’s crucial for the youth to recognise the danger of following unverified financial advice from influencers. Before making any investments, one must do proper research and ensure that they are following credible, licensed experts.

The fantasy of an overnight millionaire seems like just one click away, but it is often just that – a fantasy. As we move forward, both social media platforms and regulatory bodies like SEBI must take stronger action to protect the vulnerable youth from these fraud schemes.

In the end, chasing a dream is not wrong, but it must be done with caution and wisdom. The road to success is rarely covered with shortcuts. The truth behind social media influencers’ glamorous lifestyle is often much less appealing than it seems.

Ved Ontoreep, Department of Communication & Journalism, Gauhati University, Assam, India

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