Half of millennials say social media drives them to spend money they don’t have

Half of millennials say social media drives them to spend money they don’t have
Photo credit:CNBC

“Spending is not the enemy, but when we allow social pressure or other forces to lure us into spending beyond our means, it can impact long-term financial stability and become a larger problem.” Terri Kallsen, executive vice president at Schwab

Here’s some advice to consider from Farnoosh Torabi, personal finance author and host of the “So Money” podcast:

“If you find yourself going down rabbit holes on Instagram, make sure you mute the accounts that are leaving you feeling less than. Soon your feed will be filled with things that can actually mobilize you to make healthier decisions as opposed to the feeds that make you feel like you’ll never catch up.”

CNBC, 5/13/19

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