Social media, in all its constantly evolving forms, is an incredible tool that’s changed the way we live our lives, connect with people, and conduct business. But it’s not without its vices. The “fear of missing out”, commonly known as FOMO, is one of the many negative psychological effects often associated with social media, which in its ugliest form, can do a number on your bank account.
Here’s a look at the financial implications of social media-induced FOMO, and some boundaries you can establish to avoid it from burning a hole in your wallet.
The problem: Social media is a highlight reel
A study out of the University of Missouri found that Facebook use can lead to symptoms of depression if the site triggers feelings of envy, or FOMO, among its users. In order to tackle this serious, negative psychological effect, it’s critical to understand that most people use social media as proverbial highlight reels.
Research suggests that the majority of social media users tend to edit and post only their most attractive pictures in an effort to idealize themselves. Most people deliberately don’t post anything negative about their life. CONTINUE READING >>