How Social Media 'FOMO' motivates bad spending habits.
It only takes a quick scroll through Instagram reveals how many people are currently on vacation, attending concerts and dining out.
To be sure, "revenge tourism" — and, more broadly, "revenge spending" — has been on the rise, at least in terms of social media.
At the same time, going out has become significantly more expensive, and yet many Americans are willing to incur debt in order to do so.
The allure of celebrities such as the Kardashians, as well as seeing influencers and even friends dine out, fosters a "Keeping up with the Joneses" mentality.
Almost 40% of young adults said they spend more money on experiences than on necessities like paying bills.
Despite the fact that the majority of young adults believe that sites like Instagram and TikTok are harmful to their financial well-being, The FOMO, is a more powerful force.
Because they want to share their enjoyment of that experience on social media.