BUSINESS CENTS
Nearly 1 in 5 Americans (18%) feel motivated to succeed when they see others post their financial wins like major purchases or investment gains on social media, and another 16% say it makes them curious to learn more.
Over 15% of those who experience financial FOMO say it inspires them to invest, while others say it's made them open a new savings account (14%) or improve their debt repayment strategy (13%). Broadly, 57% of people have made a financial decision after seeing others share their lifestyles online.
Nearly three in four (73%) have been inspired to spend money, invest, or change their saving habits due to financial FOMO - more specifically, after seeing posts shared by friends and family (15%), product recommendations and reviews (14%), or investment success stories (13%).
Social media inspires optimism for over half of Americans
Social media may be a primary driver of financial FOMO, but most Americans (57%) say it helps them feel more optimistic about their financial futures - and the number is even higher for Gen Z (78%) and Millennials (70%).
Specifically, Americans feel inspired to improve their finances by seeing people on social media reach financial milestones like becoming debt-free (22%), achieving financial independence (16%), and building a significant passive income stream (15%).
Broken down by age group, over 4 in 5 Gen Zers (86%) and Millennials (82%) and 3 in 4 Gen Xers (75%) say seeing financial milestones shared online motivates them to improve their own financial situations (compared to 48% of Baby Boomers).
Most people (66%) actively seek out financial educational content on social media, such as saving and budgeting tips (24%), side hustle inspiration (22%), and advice on reaching long-term financial goals (19%). Additionally, 1 in 5 (19%) say social media inspires them to pursue their financial goals and that it makes them feel less alone in their financial struggles.
Additional findings
Here are more findings from the study:
* Blockchain buzz: Despite the popularity of Bitcoin and other cryptocurrencies, only around 1 in 10 people (11%) have invested in crypto because of financial FOMO.
* New lines of credit: 1 in 5 Gen Zers (20%) has been inspired to apply for a new credit card due to financial FOMO.
* Social media anxieties: Gen Z is most likely to feel anxious or self-conscious when seeing others share financial wins (18% compared to 13% of Millennials and Gen X and 6% of Boomers).
* Millennials prioritize travel: Millennials (22%) are about twice as likely as Gen Zers (11%) to spend on travel due to financial FOMO.