FOMO Is Making Millennials Go Broke

According to a survey by Mobile banking app VaroMoney, 53 percent of Millennials have made purchases they couldn’t really afford or didn’t anticipate making – because of photos and ads they saw on social media. And a survey from consulting group Alliance Life found that 57 percent  of Millennials admitted to spending money they didn’t have because of a sense of FOMO (fear of missing out) inspired by social media. Whether it’s vacations, experiences like concerts and fancy meals, or material things like designer clothes and jewelry, social media creates impulses and feelings of dissatisfaction in life because the influencers we follow “appear” to have better lives, better experiences, and better things than we do.  (Buzz 60)

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