Social media could be making you spend more money
A new report by Charles Schwab claims social media could be to blame for less money in your savings or checking account.
It found nearly half of millennials admit to spending money they don't have and they're blaming it on their Instagram and Facebook feeds.
According to the study, people see pictures of boats, new cars, and fancy restaurants, and are more likely to buy the same things and post about it too, even if they can't afford it.
“It's hard to almost not get jealous of those people because they're so close by. So they buy stuff you can't afford and you're like maybe I could get one of those too,” said Cassidy Smith.
Cassidy and her twin sister Olivia Smith are both Generation-Z students and admit to social media envy.
“It's everywhere you can't really avoid it,” Oliva Smith points out.
A report by Charles Schwab finds half of millennials admit to spending money they don't have.
“I know a couple of girls who work at Tesla and they get to drive cars from Tesla,” said Tyler Thomason, a millenial.
Mental Health Counselor Dr. Laura Streyffeler points out that what people post on social media isn’t always a reflection of what’s going on in their life.
“People want to feel worthy so they confuse dollars with value and if they have things and do things it will look like they have more value or worth,” Dr. Streyffeler said.
Experts recommend muting people who make you feel less through your settings on social media.
“I mute people all the time,” admits Cassidy Smith.
Florida Gulf Coast University Economic Professor Shelton Weeks urges control over your social media consumption.
“Be patient. Figure out the things that are important to you. Save for them and make those financial dreams come true,” Dr. Weeks advised.
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