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Many Individuals consider social media provides an inaccurate image of wealth and success; 57% of social media customers say that individuals put up to look extra profitable, and 51% of customers say that social media depicts "unrealistic life," based on a 2023 Bankrate survey.
Even so, a lot of them can not help however get caught up within the cycle of comparability. Between 2022 and 2023, U.S. adults spent $71 billion on "impulse buys" they had been influenced to make by social media, per Bankrate's information — a undeniable fact that backs up a rise in "cash dysmorphia."
Associated: These 5 Money Secrets Can Turn Healthy Relationships Toxic, Financial Therapist Warns
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