Many Americans consider that social media presents an inaccurate picture of wealth and success; 57% of social media users say people post to look more successful, and 51% of users say social media portrays “unrealistic lifestyles,” in response to a 2023 Bankrate report Opinion poll.
However, a lot of them inevitably fall into the vicious circle of comparisons. According to Bankrate’s data, U.S. adults spent $71 billion between 2022 and 2023 on “impulse purchases” influenced by social media – a incontrovertible fact that underpins an increase in “money dysmorphia.”
Related: These 5 Money Secrets Can Turn Healthy Relationships Toxic, Warns a Financial Therapist
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