Passive Income
This Toxic Money Habit Is Becoming More Common — If You’ve Picked It Up, Your Finances Are at Serious Risk, Expert Warns Kaitlin Walsh-Epstein, chief marketing officer at digital banking platform Laurel Road, reveals the frequent mistake.
Many Americans believe social media offers an inaccurate picture of wealth and success; 57% of social media users say that people post to appear more successful, and 51% of users say that social media depicts “unrealistic lifestyles,” according to a 2023 Bankrate survey.
Even so, many of them can’t help but get caught up in the cycle of comparison. Between 2022 and 2023, U.S. adults spent $71 billion on “impulse buys” they were influenced to make by social media, per Bankrate’s data — a fact that backs up an increase in “money dysmorphia.”
Related: These 5 Money Secrets Can Turn Healthy Relationships Toxic, Financial Therapist Warns
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