Your Besties want to go all out Saturday night. then bae suggests you two splurge on rugby tickets because the Boks are playing at home. and next weekend, your cousins are throwing a major family dinner at that new Italian restaurant. too bad that by the time the bill for the pasta comes around, your wallet will have fallen victim to serious FOMO spending.
Yep, the fear of missing out doesn’t just make your social calendar rival the royal family’s. Trying to keep up with friends and not wanting to pass up an experience has left one in five Millennials guilty of spending beyond their means at least once a month, says a recent Credit Karma survey.
‘This generation faces social anxiety that’s exacerbated by social networks,’ says financial planner Alison Norris of personal finance company SoFi. You see incredible birthday parties and trips on Instagram and believe that everyone is doing these amazing things without you.
The resulting urge to join in (and post your own #LivingMyBestLife content) can cost you. Fifty-seven percent of young people report blowing money they hadn’t planned to because of what they saw on social media, per a recent Allianz Life study.
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