The Sinister Reason Millennials Are Broke & Unhappy: It Isn’t Just Student Loan Debt
Mac Slavo
May 14th, 2019
SHTFplan.com
Millennials are becoming increasingly broke and miserable, and one
could guess that the huge student loan debt so many have burdened
themselves with could be part of the problem. But it isn’t just that;
Millennials have fallen victim to conditioned behaviors and are addicted
to keeping up with their peers.
Social media is playing a huge role in the life of millennials. Their
generation spends more time on social media than older generations:
People ages 25-34 spend 141 minutes per day on it, versus 105 for the 35-44 set. And that could be hurting both their
finances and mental health and driving their brainwashed desire to
consume hate-filled news and products they don’t need with debt.
“Social media has become the millennials’ financial Achilles Heel.” — Allianz Life 2018 survey
Americans Are Financially And Mentally Unstable: Crippling Debt Is Linked To Chronic Depression
Millellinials are making incredibly poor financial decisions because
of social media. Indeed, nearly half of millennials (49%) say that their
spending habits have been influenced by the photos and experiences
their friends share on social media, compared with only about one-third
of Americans in general,
according to a data survey of more than 1,000 Americans by financial firm Charles Schwab.
Other surveys have uncovered similar trends. And even though
millennials know they are making poor financial decisions, they continue
to do so while blaming “capitalism” and “the rich” for the problems
created by themselves. Roughly two in three millennials think that
social media has a negative impact on their financial well-being,
according to a 2018 survey of more than 2,000 millennials from financial firm Fidelity. Data released
in 2018 by mobile bank firm Varo Money found that 53% of millennials admit to buying something they saw advertised on social media. And
a 2018 survey from Allianz Life shows
that more than half of millennials (57%, versus just 28% of Gen Xers
and 7% of boomers) say they’ve spent money they hadn’t planned to
because of something they saw on social media.
Sadly, millennials are doing this to themselves. This generation feels required to keep up with their friends.
According to Market Watch,
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 (compared
to just 71% of Gen Xers and 54% of boomers who say the same), according
to the Allianz data.
“More than any other generation, social media, and the allure to
spend beyond their means could have long-term negative effects on
[Millennials’] finances if they’re not careful.” Social media is not
only impacting the wallets of millennials but their mental health as
well.
Younger adults who use social media a lot are at a higher risk of depression, and people who use many different social media sites are at higher risk for anxiety and depression. What’s
more, the more time people spend on social media, the more likely it is
they feel socially isolated — with people who spend more than two hours
swiping through social media sites nearly doubling their risk of
feeling socially isolated. –Market Watch
When the feeling of hopelessness sets in,
there no longer remains a desire to change behaviors or correct that
which is wrong. And hopelessness is not rare in our society anymore.
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