Many Millennials Are Wallowing In Debt And Misery

Greed, envy, and materialism are deeply embedded in the American psyche. Social media, for all the good it does and can do, can make greed, envy, and materialism worse. But it’s not just selfies in Cancun on Instagram that drive this state of affairs. The debt merchants and creators enable this “lifestyle.”

(From Zerohedge)

This is partly because millennials say they feel pressure to keep up with their friends’ spending — and of those, nearly half say that social media posts of friends’ vacations and lifestyles contribute to that pressure, according to 2017 data from TD Ameritrade. Social media also makes 61% of millennials (versus just 35% of Gen Xers and 12% of boomers) feel inadequate about their own life and what they have, with 88% comparing themselves to others on social media.

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