Social media could be ‘financial achilles’ heel’ for millennials

Millennials today are positioning themselves to be in better financial shape than their older counterparts, according to an Allianz Life survey released Tuesday.

At the same time, the siren call of social media could undermine their best intentions, the study found.

As evidence of what Allianz Life called “millennials’ financial Achilles’ heel,” 55% said they had experienced a fear of missing out (FOMO), and 57% reported unplanned spending because of something they had seen on their social media feeds.

Eighty-eight percent of millennial respondents also agreed that social media reinforced a tendency to compare one’s wealth/lifestyle with that of others, compared with 71% of Gen Xers and 54% of boomers who believed this.

 

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