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Sunday, September 18, 2016

Can Facebook Cause You To Go In Debt





Can Facebook cause you to go in debt? Roughly, 4 out of 10 adults with social media accounts say that seeing other purchases and vacations on social media makes them look into a similar purchase or vacation, according to a  survey of more than 1,000 Americans released by the American Institute of Public Accountants. What's more, 11% have taken a vacation or made a purchase in the last year  after seeing someone's post about their vacations or purchases.


Fully 30% of Americans say that social media has some influence on their purchasing decisions with 5% saying that it has a significant impact, this was discovered by the Gallop poll in 2014. 
Among millennials the numbers are even higher with roughly half saying that social media influences what they buy.

Many brands advertise their goods and services on social media or pay celebrities and other influential people to post about them which drives some of the social-related spending. By 2017, social network advertising spending is expected to hit nearly $36 billion, or roughly, 16% of all digital ad spending globally, up from about $24 billion in 2015, according to eMarketers and celebrities ranging from reality stars like Kardashians to sports bigwigs to fashion bloggers who have endorsed brands on social media.

Psychologist feel that there is a deeper problem, due to the fact that we are socially comparative creatures by nature and with social media we can make comparisons to others with just a scroll or a click away. As put by one psychologist "Social needs can be the modern day version of 'Keeping up with the Joneses." Some people feel inferior if someone they know has a shinier or bigger toy than they do.

Many people react to this inferiority by buying the same thing--or even--that a social media contact has, and then posting about what they did.This begins the cycle, with others, setting the post, and some of them feeling like they need to do one better. 

This academic study proves everything you thought about people who post selfies. Plus, social media can make the buying experience feel normal. When multiple people in your social network have a $500 designer shoe, it can seem like everyone is buying them--and this entice you to buy too, even when you can't afford too.

Then there are those who can look at those who buy the trip and fancy purchases and can be truly happy for them and feel no pressure to compete,The issues of comparing yourself to others and normalizing extreme spending are by no means limited are by no means limited to what you see on social media, it is just another way you will spend your money to compete.

Therefore, you now know the answer to the question, can Facebook cause you to go into debt?

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