Thursday, August 25, 2016

Facebook Is Making You Spend More Money Than You Should

I don't think my Facebook friends fit in this category. Except maybe they spend more on going to music events because of what other people post!

By Beth Braverman
August 24, 2016

Financial planners have always warned that the “lifestyle creep” that comes with the desire to keep up with friends and neighbors can hurt consumers’ ability to meet their long-term financial goals.

As we’ve have expanded our social circles, however, thanks to social media sites like Facebook and Instagram, we’re now trying to keep up with even more people. Nearly 40 percent of American adults with social media accounts say that seeing other people’s purchases and vacations on social media have prompted them to look into similar purchases or vacations, and more than 11 percent spent money after seeing someone else’s post, according to a new poll by the American Institute of Certified Public Accountants.


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