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Almost two-thirds of Millennials are living paycheck to paycheck, and only 38% feel financially secure, according to Charles Schwab's 2019 Modern Wealth Index Survey.
According to the survey, Millennials (ages 23 to 38) seem troubled when it comes to their financial well being. The study examined the finances of 1,000 Americans from different generations, but for our sake, we're only concentrating on approximately 380 Millennials surveyed by Schwab.
Millennials - Media - Platforms - Straits - Need
Millennials conveniently blamed social media platforms for their dire financial straits. The need to spend was a symptom of fear of missing out (FOMO) of their friend's experiences seen on social media posts, stories, and or feeds.
"The burden to 'keep up with the Joneses' has been part of our culture for decades, but it appears that social media and the fear of missing out (FOMO) have increased the pressure to spend," said Terri Kallsen, executive vice president and head of Schwab Investor Services.
Spending - Enemy - Pressure - Forces - Means
"Spending is not the enemy, but when we allow social pressure or other forces to lure us into spending beyond our means, it can impact long-term financial stability and become a larger problem."
Logica Research conducted the online study for Schwab during the first two weeks in Feburary.
Facebook - Instagram - Users - Platforms - Instagram
Facebook and Instagram, recently made it effortless for users to shop on their platforms. Instagram announced last month it added a "checkout" feature on posts.
"Instagram is a...
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