Roughly one-third of Americans acknowledge experiencing negative emotions about their finances when they see other people”™s posts on social media, according to a new national survey released by Bankrate.
In a poll of 2,664 adults, 34% of respondents confessed to feeling jealousy, anxiety and anger when they see posts on social media of people showing off their supposed affluence and financial security. This was even more acute among Generation Z (47%) and millennial (46%) respondents who mostly grew up on social media, and less for Gen X (31%) and baby boomers (22%).
Lower-income individuals were also more likely to say social media negatively impacted their feelings about money, at 38% of those making less than $40,000 a year, compared with 35% of those who make between $40,000 and $79,999 a year and 30% of those who make $80,000 or more.
“Social media distorts reality in the sense that people put their best foot forward and sometimes portray unrealistic versions of themselves,” says Ted Rossman, Bankrate credit card senior industry analyst. “You don”™t know if someone took on a lot of debt to fund the amazing vacation or the perfectly put together outfit depicted in their photos. This can lead to a ”˜keeping up with the Joneses”™ kind of competition among friends and acquaintances.”
Parents with children under 18 are also being impacted, with 64% complaining social media has contributed to their kids having unrealistic expectations about money.
“Unfortunately, most people don”™t get a lot of personal finance education at school or at home,” Rossman says. “Kids and young adults can be especially vulnerable because they”™re impressionable and don”™t have as much life experience. They may feel that they can trust a certain friend or influencer and they don”™t realize that the advice they”™re giving may not be the best approach.”
Photo: Erik Lucatero / Pixabay
