EXPLORING THE IMPACT OF SOCIALVARIABLES IN PREDICTING GET-RICHQUICK SYNDROME (GRQS) AMONG NIGERIAN YOUTHS

Abstract

In the time past, wealth and riches had been a product of hard work, commitment and
perseverance but the truth is that many youths in Nigeria today have lost their true sense of
value, self-sacrifice, hard work, endurance and perseverance that is required to earn an honest
living. The Seminar explores the Impact of Social Variables in Predicating Get-Rich-Quick
Syndrome among Youths in Nigeria. Get-rich-quick mentality is characterized by a "short-term,
impulsive focus on achieving wealth, often at the expense of other values and goals". Other
characteristics of GRQS include Unrealistic expectations, vulnerability to scams and
exploitation, engagement in risky behavior and Erosion of moral values. This mentality can lead
to a range of negative outcomes, including financial problems, social isolation, criminality,
problems with the law and psychological distress. The study examined a host of activities
indulged by youths to make quick money which includes Cybercrime/Internet Fraud (Yahoo or
Yahoo Plus), Kidnapping, Drug Trafficking, Gambling/ Sports Betting, Human Trafficking,
Human Organ Harvesting, Ponzi/Pyramid Scheme among others. Furthermore, the study
adopted the Strain/Anomie Theory developed by Émile Durkheim and further expanded by
Robert K. Merton to explain the social environmental factors that contributes to increasing GetRich-Quick syndrome among youths. In addition, the study identified family dynamics, Peer
pressure, unemployment, poverty, social media, Nollywood and bad governance as social factors
that contributes to GRQS among Nigerian youths. Finally recommendations which includes;
promoting the ethics of hard work and perseverance, promote positive values such as honesty,
integrity, and responsibility, encourage youths to explore entrepreneurship, and financial
literacy were made to help Nigerian youths overcome Get-Rich-Quick mentality.