Survey: Social media prompts some to spend more than they can afford
A new survey finds that some Americans are spending more than they can afford all due to pressure from social media.
The financial firm Charles Schwab found that about 35% of Americans feel that they have to spend more than they can afford due to the pressure that they feel from what their peers post on Facebook and Instagram. But experts warn that looks can be deceiving.
“What you see on social media is a very curated, finely edited version of most people’s lives,” says Andrea Mullan, founder of Victory Public Relations.
And some are feeling pressure not just from their peers, but also sponsored ads tailored to pertain to the interests of the user.
"We've all thought about something and then we see it pop up on our feeds,” Mullan says.
Participants of the survey said that they spend an average of $500 a month on non-essential items. About 60 percent said that they wondered how their friends can afford to pay for their extravagant experiences.
“If you have the ease of clicking one button and the next day something shows up on your doorstep, it’s obviously going to be a lot harder to regulate that sort of purchasing behavior,” says Mullan.
More information about the Charles Schwab survey can be found on the company’s website