Is constant scrolling through online information and on social media distorting your view of what it means to be financially stable? Are you questioning your own financial health, even though you’re doing just fine? Are you making bad financial decisions?
, says people used to compare themselves with their immediate circle of neighbours and friends. Thanks to the internet, that comparison circle has spread to everyone on social media – and that can skew our understanding of what is a healthy and reasonable“When you’re making your spending choices based on what you’re seeing online, you’re not making choices based on your own reality. And so, your spending should be a function of your own income and your own situation,” she says.
David Freeman is an associate professor of economics at Simon Fraser University.
That can trigger a need to spend money in order to feel good. “ might be a short-term relief, but might lead to long-term pain,” he adds.Although social-media consumption is increasing money dysmorphia, some online content creators are trying to show a more realistic and responsible side to spending, Mr. Banerjee says. “They kind of hold themselves accountable, saying, here is the other side of the story, here is how much money I have. And I cannot afford to do this.