(WWLP) – Even though the majority of young adults say sites like Instagram and TikTok hurt their mental and financial well-being, the fear of missing out is a more powerful force.
A majority of all Americans say they are living paycheck to paycheck and are feeling increasingly strained by the economy.
But seeing influencers and even friends shopping, dining out, or going on vacations can create a “Keeping up with the Joneses” mentality that is hard to resist.
According to Credit Karma, nearly 40 percent of young adults said they spend more of their money on experiences than on necessities such as paying bills just to share on social media.
However, with inflation and the rising cost of living, consumer financial advocates are advising young adults to slow down on their spending and start saving money.