Social media makes our lives more exciting by keeping us updated and fresh. Yet sometimes, our dependence on social media platforms can be damaging… especially to our pockets! New reports have revealed that people, particularly millennials, are going broke because of this.
First off, it is a fact that millennials spend more time on social media than the older generations. Another fact is that most majority of millennials admit to buying things they saw being advertised on the internet. Varo Money, a mobile banking firm, released data to prove that 53% of millennials shop due to social ads.
The worst part is, according to Allianz’s survey this year, more than 57% admit to spending money impulsively on social media. Just to keep up, this generation would buy anything, even if they didn’t need it!
Social media is making them feel discontent with their lives. The extent to which this goes is alarming– 41 percent have made a purchase to feel better about themselves. “Social media also makes 61% of millennials (versus just 35% of Gen Xers and 12% of boomers) feel inadequate about their own life and what they have, with 88% comparing themselves to others on social media (compared to just 71% of Gen Xers and 54% of boomers who say the same)”, according to the Allianz data.
“Millennials (ages 18 to 34) are more likely than other generations to have nothing saved,”
according to a 2017 survey from GoBankingRates.com
The worst part is, the people we’re looking up to are faking it!
The sad but interesting thing is, most ‘popular’ instagrammers are faking it to make it. In a recent article by Extratipp.com, people are buying clothes and returning them, after they take ‘Instagrammable’ photos. What??
A survey of 2002 British adults proves that one in every ten of them, orders an outfit just for a selfie! Moreover, (also shocking), is that these ‘spenders’ are more men than women.
“Also surprising is the fact that with twelve percent even more men than women (seven percent), who get so their selfies. As justification, they stated that they were ashamed to wear the same outfit twice” Extratipp.com wrote.
It’s bad enough that people feel look down on themselves because of social media…but the people you’d rather be are not even themselves!