This is what I found on USATODAY.COM:

There are plenty of reasons millennials and Gen Zers aren’t saving for retirement in large numbers: They want to enjoy life while they’re young. They view their golden years as unimaginably far away. And they’re burdened by student debt.

Here’s another: They see social media posts of their friends enjoying extravagant cars, dinners and vacations, and they want in on it. Call it keeping up with Instagram.

Thirty-five percent of Americans admit they feel pressured to spend more than they can afford after seeing images of their friends’ lives on sites like Facebook and Instagram, according to Schwab’s 2019 modern wealth survey. The FOMO effect is most dramatic for young adults. About half of millennials and 44% of Generation Z (those born approximately between 1995 to 2015) acknowledge their spending habits are at least partly shaped by social media.

“That’s clearly having an influence on one the most important issues, which is balancing between spending today and… accumulating wealth for later,” says Rob Williams, vice president of financial planning for the Schwab Center for Financial Research.

Information provided by USATODAY.COM.

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