York St John University
York St John University
01/24/2025 | Press release | Distributed by Public on 01/24/2025 11:29
'Is social media the reason you're broke?' - TEDx insights from a Data Science academic
Dr Somdip Dey, Lecturer in Data Science at York St John University, has used the TEDx platform to share a deeply personal story about spending over half a million pounds on luxury goods after being influenced by social media. In the talk he uses this experience and his expertise in Embedded AI to offer social media users his tips to avoid the 'algorithm-driven cycle of overconsumption'.
"Is social media the reason you're broke?" has now been recognised as a TEDx Editor's Pick-a distinction reserved for talks with significant global impact. It has been released this week on the official TEDx YouTube channel.
Dr Dey, an MIT Innovator Under 35 in AI & Robotics, sheds light on the unseen influence of social media on financial habits and mental wellbeing. As a successful tech entrepreneur, he reveals how he himself was drawn into spending hundreds of thousands of pounds on designer goods and luxury cars, influenced by social media trends. He uses the talk to expose the psychological and economic traps that keep individuals in financial distress, despite their earnings.
In his talk, Dey references research that reveals how over 80% of consumers' purchasing decisions are influenced by social media posts from their network, and over 75% by brands they follow online.He introduces concepts like "The Man in the Car Paradox" and the "Diderot Effect", demonstrating how the digital age fuels compulsive spending and financial instability.
He offers practical strategies for social media users to break free of this unwitting overspending. This includes:
- Limiting social media usage to 30 minutes per day.
- Only following accounts that provide genuine value.
- Implementing a 48-hour pause before making social media-influenced purchasesto counteract impulse buying.
Dr Somdip Dey, Lecturer in Data Science at York St John University said: "In an era where digital influence is at an all-time high, I would like this TEDx talk to serve as a wake-up call. Millions of us are unknowingly succumbing to financial pitfalls curated by social media algorithms.
"I'm not proud of my past experience with unwitting overconsumption, but I hope that sharing my story alongside my data and research insights can help to stop others from sleepwalking into impulse purchasing. My aim is to empower people to take control of their financial future and mental wellbeing.
"The talk's selection as a TEDx Editor's Pickhighlights its relevance and urgency, and I'm delighted that this will ensure it reaches a wider global audience."
Dr Somdip Dey's TEDx talk, originally delivered at a University of Essex event, is now available on the TEDx YouTube channel.