What You Need to Know
- Nearly half of millennials and Generation Zers reported negative feelings about their finances from spending time on social platforms.
- Sixty-four percent of parents surveyed believe social media has contributed to their kids' unrealistic expectations about money.
- The outcome of impulse purchases on social media was generally negative.
Thirty-four percent of U.S. adults who use social media said they have experienced negative feelings about their finances after reading others’ posts, according to a survey released Monday by Bankrate.com. They reported feelings of jealousy, inadequacy, anger, shame and anxiety.
Not only that, social media users felt more negativity about their financial situation than about any other aspect of their lives because of others’ posts:
- Appearance: 32%.
- Career/professional success: 27%.
- Home/living situation: 26%.
- Personal relationships: 25%.
- Hobbies/interests: 17%.
Bankrate.com found that social media influences younger generations more than their older counterparts.
Nearly half of millennials and Generation Zers reported negative feelings about their finances from spending time on social platforms, compared with 31% of Gen Xers and 22% of baby boomers.
Younger social media users were also much more likely than older ones to report negative feelings about other aspects of their lives.
Children younger than 18 are also being affected, the survey results showed. Sixty-four percent of parents with younger children who have access to social media believe it has contributed to their unrealistic expectations about money, with male parents more likely than female parents to believe this.
“Younger generations have grown up with social media — or they’ve watched social media grow and evolve with them,” Bankrate.com analyst Sarah Foster said in a statement. “But by design, social media is a scrapbook of only the best parts of users’ lives. Every post, picture or update, influences those who are watching to join along in a game of ‘Keeping Up with the Joneses.’”
YouGov Plc conducted the survey in mid-June among 2,664 adults, of whom 2,246 use social media.
Social Media Siren Call
Bankrate.com said the problem may stem in part from the fact that a quarter of those active on social media have posted items to make themselves look successful in the eyes of others. Forty-six percent of Gen Zers and 38% of millennials who post on social media admitted doing this, dropping to 17% of Gen Xers and 9% of boomers.