It’s pretty well accepted that social media can have negative consequences for our mental health. As we look through snapshots of the perfect lives our friends and family seem to be living, it’s hard not to view our own lives in a less impressive light.
But spending too much time on social media – and spending it the wrong way – can have a negative impact on our finances as well. With all the influence social media has on our thoughts and behaviors, it’s no surprise that it can affect our spending habits as well.
It’s time to ask: Is social media ruining your finances?
How Social Media Affects Spending
In a 2019 poll from Charles Schwab, 49% of millennials and 43% of Gen Z said social media made them spend money on experiences.
What’s even more telling is that 48% of millennials and 41% of Gen Z said they spent more than they could afford because of social…