Social media might make some of us a little poorer than we otherwise would be.
A recent WalletHub survey of 200 people found that 3 in 4 say they have made an unnecessary purchase via social media, and 2 in 3 believe social media sites promote overspending.
The average American spends two and a half hours a day using social media, according to the survey. And by and large, surveyed folks believe social media use is harming their finances.
Nearly half — 46% — say social media sites are bad for their debt. More than one-third — 36% — say social media use leaves them frustrated about their finances.
Apparently, those feelings of frustration can cause them to occasionally stretch the truth when using social media. Nearly 2 in 5 admit to presenting a more upbeat but largely false image of their financial status.
When people succumb to the temptation to buy something via social media, they are often disappointed, with 63% expressing regret over such purchases. Worse, nearly 1 in 5 characterize their social media purchases as “scams.”
Of course, social media purchases are just the latest way that we waste money. There are plenty of other avenues to make impulse purchases that we will likely regret later.
Because the temptation to overspend is so deeply human, we probably need to put measures into place to avoid giving in to such counterproductive behaviors. For tips about how to avoid the siren song of spending, check out “11 Tips and Tricks That Will Keep You From Overspending.”
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