Study: Social media affect millennial spending habits

Financial decisions are influenced by friends’ showy social media feeds

All Millennials Generation Z
Wonder how friends can afford expensive experiences posted on social media 60%      72%      74%
Pay more attention to how their friends spend versus save 57%      53%      61%
Spent more money than they can afford to participate in experiences with friends 35%      48%      41%
Influenced by social media to spend money on experiences 34%      49%      44%

Source: Charles Schwab

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