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Social Media Flames Millennials' Financial Shame
Young people are significantly more likely than older generations to feel financial shame when using social media. Moreover, they are more likely to post content that makes them appear more successful.
According to a recent Bankrate survey, 20% of adult social media users feel self-conscious about their finances after seeing posts from others. But these feelings of financial shame are strongest among younger generations.
30% of Gen Zers (aged 18-26) and Millennials (aged 27-42) say social media has made them feel pessimistic about their finances, but only 18% of Xers and 6% of Boomers say the same thing. What’s more, 21% of Zers and 22% of Millennials admit to posting content that makes them seem more successful. Only 7% of Xers and 2% of Boomers make the same admission.
We have written several NewsWires on how much more shame Millennials feel about their finances than other generations. (See “Don’t Bring Up Finances With Millennials” and “Social Media and Finacial Shame.”) Part of this is phase of life: Young adults are new in their careers and are trying to prove themselves. But it’s also a result of how Millennials were raised. Their Xer/Boomer parents told them they would succeed no matter what. And many feel they haven’t lived up to these expectations. Social media only exacerbates the problem.
Did You Know?
NFTs Are Now Worthless. During pandemic lockdowns, NFTs were all the rage. From Bored Apes to CryptoPunks, young investors poured money into digital art backed by blockchain. But according to a new report by dappGambl, NFTs have lost almost all their value. Out of 73K NFT collections, 70K now have a market cap of 0 Ether, a cryptocurrency often used to buy NFTs. In other words, 95% of NFTs are worthless. The report estimates that about 23M people own these valueless investments. Honestly, I have only one question: Are you actually surprised?
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