National Banking Journal: Olga Medyanik, St Petersburg University: "The Internet’s 'easy money' paths often lead young people to traps"
Olga Medyanik, Associate Professor in the Department of Risk Management and Insurance at St Petersburg University, Candidate of Psychology, is a recognised expert in the field of economic psychology. She studies behavioural strategies of consumers of financial services in the context of cyber fraud and is a member of the interdepartmental working group on countering crimes committed using social engineering methods and techniques. The working group includes representatives of the Bank of Russia, the Association of Russian Banks and law enforcement agencies. Olga Medyanik presented her research on the "Psychological Aspects of Youth Involvement in Illicit Financial Schemes" at the 4th International Olympiad on Financial Security, held from 30 September to 4 October on the Sirius Federal Territory. Following her presentation, Olga Medyanik expanded on her key points in an interview with the National Banking Journal (NBJ).
Ms Medyanik, let us discuss how modern technologies and social media influence the psychological state of young people. To begin, what key mechanisms would you highlight regarding the impact of social media on youth?
Social media do indeed have a significant impact on young people. One of the key mechanisms is the creation of unrealistic expectations. Young people often see idealised depictions of life on these platforms, leading to stress and disappointment when their own reality falls short of these ideals.
Imagine a teenager who daily scrolls through Instagram or TikTok, where his or her peers flaunt luxurious trips, expensive clothes, and flawless appearances. Naturally, they may feel inadequate if their own life does not measure up. This may lead to feelings of inferiority and even depression.
Another key mechanism is the comparison effect: young people tend to compare themselves to others, and social media intensify this tendency. For instance, a student might see a classmate secure an internship at a prestigious company and start questioning his or her own achievements, even if they are objectively notable.
Social media can also influence self-esteem through the number of likes and followers, with young people often gauging their worth and popularity by these metrics. Consider a young person posting a photo and constantly checking the likes. If the count falls short of their expectations, this can have a negative impact on their self-esteem.
Lastly, it is important to note the phenomenon of the "filter bubble". Social media algorithms curate content based on users’ interests, creating the illusion that everyone shares similar thoughts and lifestyles. This narrows young people’s perspectives and can lead to the radicalisation of views.
These mechanisms underscore the importance of developing critical thinking and digital literacy skills in young people. We need to teach them to recognise that seemingly perfect images often mask carefully selected content that does not reflect reality.
That does sound concerning. What other effects are notable, in your opinion?
The all-or-nothing effect is another critical aspect to consider. Imagine a young person who decides to take up exercise and starts following fitness bloggers on Instagram. He or she sees them demonstrating fast results — a perfect body in a few weeks. When their own progress falls short, however, they may feel their efforts are pointless, leading to loss of motivation and potentially giving up on sports altogether.
This effect is closely linked to the culture of quick gratification that social media actively supports. We live in an era where everything from food delivery to video streaming is instantly available. Young people are getting accustomed to quick and effortless results. This fosters impulsiveness and impatience.
Let me give you another example. Consider a student studying for exams. He or she is accustomed to quick information from short videos and social media posts. When encountering complex material that requires time and concentration, they may struggle and even lose interest. Long-term planning and sustained effort become a real challenge for them.
Thus, social media condition young people to expect instant results, impeding the development of patience and perseverance skills. It is all-important to teach them that real achievements require time and effort, and to cultivate their long-term planning skills. This will equip them to tackle real-life challenges and achieve their goals.
What do you think about social comparison? This is also quite common on social media, isn’t it?
Indeed. Social comparison is a powerful phenomenon that can significantly affect our well-being and self-esteem. Let me tell you a story to illustrate this point.
Imagine a girl named Anna. She is a student and actively uses social media. Every day, she sees posts from friends and acquaintances — some vacationing in the Maldives, others landing prestigious jobs, or buying new cars. Anna starts involuntarily comparing her life to these highlights. She thinks, "Why is everyone else doing so well and I am not?" This constant comparison gradually erodes her self-confidence and makes her feel inferior.
Social media create the illusion of perfect lives. People typically share only their best moments, concealing difficulties and failures. Our brains, however, may perceive these highlights as the norm, leading us to compare our real lives unfavourably with these idealised pictures. This can result in envy and even depression.
Research indicates that the more time we spend on social media, the more likely we are to be dissatisfied with our appearance or accomplishments. Viewing fitness models with perfect bodies can make us question our own attractiveness, while reading about others’ career success can make us feel like failures.
It is vital to remember that social media is like a shop window, displaying only highlights while hiding real life’s ups and downs. Instead of comparing yourself to others, you should focus on your own goals and achievements. After all, everyone’s path is unique, and comparing yours to someone else’s devalues your own efforts and successes.
What role does the desire for recognition and approval play in this context?
The desire for recognition and approval is a powerful force that can shape our behaviour and self-perception, especially in the age of social media. Let me share another story to illustrate this point.
Imagine a young man who has just posted on Instagram a picture from a party. He is eagerly waiting for likes and comments. Every time his phone vibrates, he feels a rush of joy and excitement. But what happens when he receives fewer likes than expected? He starts to doubt himself, thinking, "Maybe I did not look that good? Maybe the photo is not that interesting?"
This example illustrates how easily we can fall into the trap of craving recognition through likes and comments. We begin to evaluate our worth and success based on the approval of others. This can turn into an obsession, where each post we make becomes a kind of popularity contest.
Here’s another example: A girl named Mariia runs her own travel blog. She notices that her posts about popular tourist destinations receive more likes than her stories about small towns that she really likes. Consequently, she starts prioritising content that will garner more likes, even if it does not align with her genuine interests.
Social media create the illusion of quick and easy recognition. We get used to instant feedback and become dependent on it. This dependency, however, can have a negative impact on our self-esteem and can lead to increased stress and anxiety.
It is important to remember that likes and comments are merely numerical indicators that do not define our true value. Real recognition comes from within, from understanding and accepting yourself for who you are. Instead of pursuing external validation, you should focus on what truly brings you joy and fulfilment.
What are the consequences of fragmented attention and multitasking for young people?
Consider a typical modern student, let us call him Maksim. Maksim is sitting at his desk, surrounded by textbooks, with his laptop open for a lecture, and his phone buzzing continuously with social media notifications. He is trying to read, listen to the lecture, and respond to messages all at once. Does this scenario seem familiar?
Fragmented attention and multitasking have become a significant part of many young people’s lives. But at what cost? Let us break it down.
First, let us consider fragmented attention. Research shows that when we constantly switch between tasks, our attention becomes shallow. It is like trying to read a book while someone interrupts you with questions every few minutes. As a result, you cannot fully immerse yourself in the text or absorb its content.
For instance, Maksim notices that after hours of "studying", he only remembers fragments of the lecture. He feels tired and frustrated because he spent the time but did not achieve the desired results. This phenomenon is known as the "attention residue effect" — when lingering thoughts about a previous task impede concentration on the current task.
Now let us discuss multitasking. We often pride ourselves on being able to juggle multiple tasks at once.
Yet, the truth is that our brains are not designed to efficiently handle several complex tasks simultaneously. When Maksim tries to study and chat with friends online at the same time, he does not perform either task well.
Consider a real-life example: a chef trying to cook multiple dishes and teach a masterclass simultaneously. Most likely, none of the dishes will be cooked perfectly, and the masterclass will lose its value.
For young people, this translates to a decrease in the quality of learning and information retention. With constant distractions and attempts at multitasking, the brain simply does not have the time to process information deeply.
So what should we do? First, it is important to recognise the problem. Try to set aside time to focus on one task without distractions — for example, turn off your phone notifications while studying. Second, use time management techniques such as the Pomodoro Technique, which involves working for 25 minutes followed by a short break.
Ms Medyanik, could you please explain how the Internet facilitates young people’s involvement in illicit schemes?
Let us start with a story. Imagine a young man named Aleksei. Aleksei is a typical student who, like many of his peers, spends a lot of time on the Internet. One day, he comes across an advertisement promising easy and fast income. The offer seems too good to be true, but Aleksei decides to give it a try.
The Internet is a powerful tool that can both open doors to knowledge and opportunity and draw us into illicit schemes. Why does the latter happen? Let us examine a few key factors.
First of all, there are economic factors. Young people often look for ways to make money, especially if they lack a stable income or financial support. The Internet offers many "easy money" paths, but many of these lead young people to traps. Aleksei, for instance, soon discovered that his ‘job’ involved illegal activities such as money laundering.
Second, there are social factors. Peer pressure and the desire to conform to certain standards can push young people into participating in dubious schemes. Social media exacerbate this issue by creating the illusion of an easy life where everyone is successful and rich. This pressure can drive young people to seek quick paths to success.
Lastly, there are psychological factors. Young people often crave recognition and self-validation. Shadowy schemes can appear enticing because they offer a sense of belonging to an exclusive group or a chance to outsmart the system. Aleksei, for example, was drawn in by the prospect of quick wealth and the thrill of "beating the system".
How can we help young people to avoid these traps? First, education and awareness are crucial. We need to discuss the risks and consequences of participating in illicit schemes. Second, it is important to create opportunities for legal earnings and self-realisation. When young people have access to engaging and legitimate projects, they are less likely to pursue dubious alternatives.
Aleksei’s story could unfold in several ways. If he recognises the risks and chooses a different path, his experience can serve as a lesson. However, if he remains involved in the scheme, the consequences could be devastating.