New research has indicated the impact of social media on millennials’ financial decisions, with 66% of respondents admitting that what they see on their newsfeeds drives impulse spending.
Interestingly, the data showed that 1 in 10 millennials would prefer 1000 likes on a social media post over $200 in a savings/super account.
Meanwhile, 68% check in on friends, family, influencers and brands for future purchase ideas – including the big ticket items, like buying a house or an investment property.
The research from UBank, a unit of National Australia Bank (NAB), confirmed that "balancing savings goals and day-to-day expenses with ‘instant gratification’ spending can be challenging,” said Lee Hatton, CEO of UBank, which recently launched a budgeting app called Free2Spend. The in-app tool balances consumers’ income with their savings goals and fixed expenses.
Social media content can often spark envy and encourage users to splurge on purchases that they may not really be able to afford, however sharing purchases online also makes 47 per cent of millennials feel ‘really happy’.
The research further revealed that 23% of millennials were guilty of having purchased over-budget items to get a response online, and more notably, over a quarter (26%) said they’re compromising their financial future by what they share on social media.
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