Social media could be zapping your bank account.
A new survey shows Millennials are the most likely to spend their dollars based on what they see on apps like Instagram. his also goes for Generation Z.
A modern wealth survey released by charles schwab reveals nearly half of millennials say social media influenced their spending habits. Gen Z coming in at a close 44%.
Baby boomers the least likely to have social media influence their spending. About forty-eight percent of Millennials also say they were most likely to spend more than they can afford to go out with their friends.
More than one-third of americans say that their spending habits have been influenced by their friends’ posts on social media, according to schwab’s 2019 modern wealth survey.
They’re spending more than they can afford in order to keep up.
Not only that, but 60% of Americans admit that they pay more attention to how their friends spend than how they’re doing themselves savings-wise.