It’s no surprise that social media isn’t exactly great for your mental health. And for many Gen Zers and millennials, social media apps are actually a major source of financial anxiety.
A new study by Deloitte found that 51 percent of Gen Zers and 43 percent of millennials say that social media makes them want to buy things they know they can’t afford. This is likely due to the fact that social media is constantly bombarding users with images of people who seem to have it all — fancy clothes, expensive cars and lavish vacations.
Of course, not everyone on social media is actually living the high life. Many people post carefully curated images that don’t reflect their true financial situation. But for Gen Z and millennials who are already struggling to make ends meet, seeing these images can still be incredibly disheartening.
It doesn’t help that Gen Z and millennials are more likely to live paycheck to paycheck than previous generations thanks to the rising cost of living, student loan debt and inflation.
The combination of social media and financial anxiety can be a recipe for disaster. When people are constantly comparing themselves to others and feeling like they can’t afford the things they see, it can lead to some some major mental health issues like depression and anxiety.
Some young adults are so stressed about money that they’ve taken on second jobs to pay their bills. Others are putting off major life decisions — marriage, starting a family, even buying a home.