By India McCarty
Is social media affecting the way you shop? Experts say yes — and are sharing some tips to avoid being overly-influenced.
“Social media constantly exposes us to the glamorous lives of others,” James Curry, Senior Vice President, Director of Wealth Management at Greenleaf Trust, told Forbes. “Carefully curated snapshots of lavish lifestyles fill our feeds as we scroll through the social media platforms, flashing images of luxurious vacations, designer wardrobes, and extravagant dining experiences.”
He continued, “As individuals strive to maintain appearances consistent with the inflated standards set by social media, debt often becomes a consequence. The pressure to live up to unrealistic standards can drive individuals into debt traps.”
This boom in influencers affecting the way we spend has led to some dismal financial statistics for young people. A survey from Credit Karma found 20% of Gen Zers “said they don’t save money, not because they earn too little, but because they’re spending more on things like shopping, travel and concerts.”
So, how can we avoid being influenced into poor spending habits?
The easiest way is to simply delete your social media accounts, specifically Instagram. The platform is filled with ads and sponsored posts from influencers.
“[Deactivating Instagram] has really helped as I’m not exposed to influencers and things I might want to buy,” one person told The Independent. “I find myself opening fewer new tabs on my phone to browse items I’ve seen on social media. It also helps me compare myself to others a bit less.”
Related: Is Your Teen ‘Doom Spending’? What You Need to Know About This Trend
Other experts counsel changing your mindset. Social media can make it seem like everyone but you can afford luxury vacations, new clothes and the latest tech. However, the reality is that those people you see also can’t afford those things. InCharge reported that a third of people “admit they overspend in order to keep up with the fun they see their friends having on social media.”
Another tip? Avoid “buy now, pay later” services like Klarna or Afterpay. While they seem handy, BNPL services can have interest rates as high as 30%.
InCharge reported 55% of those surveyed “spend more when using BNPL,” and 30% “have struggled to make their payments.”
Social media can definitely have an effect on the way you shop, whether it’s a longing to have the things you see your friends have, or a social media influencer persuading you into buying a product, but in the long run, it’s important to remember good spending habits are priceless.
Read Next: Wait…How Many Gen Zers Turn to TikTok for Financial Advice?
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