This Toxic Money Habit Could Derail Your Financial Planning

Many Americans believe social media offers an inaccurate picture of wealth and success; 57% of social media users say that people post to appear more successful, and 51% of users say that social media depicts “unrealistic lifestyles,” according to a 2023 Bankrate survey.

Even so, many of them can’t help but get caught up in the cycle of comparison. Between 2022 and 2023, U.S. adults spent $71 billion on “impulse buys” they were influenced to make by social media, per Bankrate’s data — a fact that backs up an increase in “money dysmorphia.”

Related: These 5 Money Secrets Can Turn Healthy Relationships Toxic, Financial Therapist Warns