Platforms Like TikTok & Facebook Can Create Poor Perception of Finances

Social media has a negative correlation with feelings about money, according to a survey from Bankrate.

The study shows that over 1 in 3 adults in the U.S. who use social media have feelings of jealousy, anger, shame and anxiety regarding finances after browsing social platforms. Not surprisingly, the largest demographic hit by these feelings of inadequacy are young adults. Between the ages of 18 and 41, almost half of the people surveyed felt negatively about their finances after spending time on social media.

These negative feelings were seen less often in older generations (between 42 and 76 years old). As far as other demographics, over 60% of women said social media negatively impacts their lives, as opposed to 56% of men who say the same. Individuals at different income levels also felt the pressure, with over 1 in 3 individuals who make between 0 and $79,999 a year saying social posts impacted their feelings about money.

Almost half of social media users have made an impulse purchase thanks to social media, although baby boomers are the most likely to regret a purchase. At least 1 in 4 U.S. adults post on social media to look successful, which may be triggering some of these perceptions of finances and wealth across platforms.

Prior to posting on Instagram or Twitter, it might be worthwhile to pause and consider your motivations beforehand. Do you really need that cool jacket from your Insta feed? Are you trying to make a friend (or maybe an ex) jealous with that Michelin star dinner photo? Regardless of your reasoning, it’s important to be aware of how using these services affects your perceptions, and the way it may impact your everyday life.

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