Study finds millennials care more about social media than money

Illustration by Twylamae
Words by Maeve Kerr-Crowley

Priorities in check.

If you were given the choice between $200 or 1000 likes on a social media post, which would you pick?

In a recent study commissioned by UBank, it was revealed that one in 10 millennials said they would take the likes.

It turns out some young people care more about their social media following than how much they’ve got in the bank, and it’s evident in the way they’re sharing their spending online.

According to this new research, 47 per cent of millennials use social media to show off their financial status. 27 per cent of participants said they were trying to impress their followers, and 23 per cent said they’d bought something they couldn’t afford to do it.

The study also proposes a reason for this: everybody’s just jealous of each other.

A quarter of the millennials questioned admitted to feeling envious of what friends and influencers were buying, which led them to spend more money on themselves.

We knew Instagram’s new shopping feature was a danger to wallets everywhere, but maybe scrolling our feeds is a bigger risk than we thought.

Read the full report here.

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