Half of millennials say social media drives them to spend money they don't have (via CNBCMakeIt)
"We all spend time, so much time, on social media," Torabi tellsIt's not the first time that surveys have concluded that social media leads to spending.
"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," Kallsen says. Many people may also be propping up their lives on social media. "People who exhibit a certain lifestyle on social media — you don't actually know what their bank accounts look like," Torabi says.
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