NEW YORK—Gen Z is not just the first age cohort to grow up with social media, they also might be the first that is most likely to go into debt because of it, a new report suggests.
According to a Lending Tree survey, 62% of Gen Z’s feel pressure to spend money and keep up with people around them, compared with the national average of 32%.
Additional data released in March by Credit Karma shows that the average Gen Z’s credit card debt is more than double that of Millennials, Yahoo News reported.
“In 2023, Bankrate released a survey showing how influential social media can be when it comes to overspending,” the Yahoo News report continued. “According to that study, 48% of social media users reported buying something impulsively that they saw advertised online, spending an average of $754 on impulse purchases in the previous year.”
Such spending habits were even more prevalent among Gen Z, with 60% of respondents ages 18-26 saying they’d impulsively purchased something they saw on social media in the last year, Yahoo News added.
To register, go here.
Daily News Headlines. To Your Inbox. Every Day. And It’s Free
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance.
And did we mention it’s free?