A new disease that attacks the youth..!? What is that?

Sowmiya Sriram
A new disease that attacks the youth..!? What is that?
In this modern world, there is no one without a smartphone. social media is connected to our lives 24 hours a day through smartphones. We watch videos on instagram, Facebook, and YouTube. We follow those we like. Although we have learned many good things through this, we are suffering from a modern mental illness without knowing it, according to a recent study.
Mental illness caused by social media?:
People are increasingly filming and posting their lavish lifestyles and travel on social media. Do you know the impact of such information on our minds, especially in the minds of young people? If we spend all this, it means that we have achieved development. As a result, they suffer from financial mental illness and make wrong decisions in financial management. This is called MONEY DYSMORPHIA in English. A recent study conducted by Qualtrics for Intuitive Credit Karma found that 59% of Millennials and 48% of Gen Z say social media pressure is preventing them from making sound financial decisions.
 What kind of issues arise?:
 We all have unique needs when it comes to making money, our family expenses, financial stability, investing, and saving. For example, a 25-year-old woman buys a Louis Vuitton branded bag and posts it on social media. Thinking that buying this branded bag will give us status or show our growth to the world, others spend thousands and buy the same branded bag without realizing their status. But the life of that young woman and the life of those who grasp that information are not the same. Without this understanding, many young people end up spending money in the wrong way without establishing financial stability and regret later.
Why is social media so influential?: The lavish lifestyles displayed on platforms like instagram play an important role in setting the financial goals of the younger generation. Ted Jenkin, CEO of oxygen Financial, says social media is instilling in young people the wrong idea that luxury tourism, branded goods, and basic rights are all rights. He says young people are forced into an environment where they have to conform to a contradictory reality.
A new budgeting method that provides a solution: LOUD BUDGET is currently trending to avoid facing financial problems due to social media pressures. This means that this loud budget method is the exact opposite of the luxury that social media promotes. Rather than following others, it's about defining your money goals and stating them clearly. That means sharing your financial situation, financial goals, and how you are achieving them publicly on social media. For example, first, go on a luxury vacation and become a borrower, save money for that purpose, and go on a vacation. Loud budgeting makes you the king of financial planning. Lets Try it.

Find Out More:

Related Articles: