Given the amount of time that many of us spend on social media, it’s not surprising its influence has extended to our financial lives. The effects can be positive — some say financial content on social media “has made it less taboo to talk about money,” fostered a feeling of financial empowerment and even resulted in making money, Forbes said.
But in other cases, the impact of social media doesn’t bode so well. “Nearly two-thirds of Americans (65%) believe social media has led to increased overspending,” and approximately 18% “say they have made a regrettable purchase as a result of something they saw on social media,” said NerdWallet after conducting a study on the topic in 2023. There’s also the reality that not everything you see online is right, or right for you.
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