{"id":629509,"date":"2024-07-02T00:00:00","date_gmt":"2024-07-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/02\/dont-let-social-media-make-you-believe-youre-broke\/"},"modified":"2024-07-02T00:00:00","modified_gmt":"2024-07-02T00:00:00","slug":"dont-let-social-media-make-you-believe-youre-broke","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/02\/dont-let-social-media-make-you-believe-youre-broke\/","title":{"rendered":"Don\u2019t let social media make you believe you\u2019re broke"},"content":{"rendered":"

You\u2019re not broke, you just think you are.<\/strong> Scrolling through influencer posts boasting luxury lifestyles ornamented by expensive cars, designer bags, and exotic vacations is distorting our perception of our own finances. Unrelated to real concerns over rising living costs and a competitive job market, social media has been creating the illusion of financial insecurity.<\/p>\n

The unofficial diagnosis? <\/strong>Money Dysmorphia<\/a><\/strong>.<\/strong> This new side effect of social media is hitting young people with higher exposure to social media the hardest. Similar to body dysmorphia \u2014 which causes people to focus on an imagined flaw in their appearance \u2014 money dysmorphia causes a warped view of people\u2019s financial situations.<\/p>\n

Don\u2019t compare your wallet to their Instagram highlights\u2026 <\/strong>According to a survey<\/a> by Intuit Credit Karma, 43% of American Gen Zers and 41% of millennials experience money dysmorphia. Some 37% of those that believe that they\u2019re lagging behind financially have more than USD 10k in savings, with another 23% having USD 30k. For comparison, the average balance for that demographic is USD 5.3k<\/a>.<\/p>\n

\u2026And don\u2019t let it influence your spending behavior.<\/strong> A 2023 survey (<\/a>pdf<\/a>)<\/a> by financial planning firm Edelman Financial Engines showed that a third of those surveyed admitted to going over their budgets to emulate lifestyles and experiences they see online. This figure increased an additional 50% among those who spent over three hours scrolling through social media.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unrelated to real concerns over rising living costs and a competitive job market, social media has been creating the illusion of financial insecurity<\/p>\n","protected":false},"author":1,"featured_media":629510,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,7087,638,7115,894],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-finance","tag-for-your-commute","tag-healthcare","tag-social-media","wpautop","entry"],"acf":{"mongo_id":"27b5d1de-e3fb-4ba8-a1d0-ca76c5ac3d79","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/181.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[629504],"teaser":"Unrelated to real concerns over rising living costs and a competitive job market, social media has been creating the illusion of financial insecurity","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.01c4a038-2929-4cde-96bc-fa33f1b33ac9.mp3"},"yoast_head":"\nDon\u2019t let social media make you believe you\u2019re broke - 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