We’re used to kids caving to peer pressure — yet parents, too, can fall victim to the “everyone else is doing it” mentality when they’re on social media.
Financial advice website Credit Karma reached out to its members who are parents to learn more about their biggest struggles.
The survey revealed intense feelings of FOMO, or the fear of missing out, and people admitted that social media and other outside pressures were driving them to go into debt, according to Maizie Simpson, data and news editor at Credit Karma.
More than half of parents answering the survey said they’d spent money they didn’t have on nonessential items or experiences for their kids. Parents said they had borrowed money, turned to credit cards or taken out loans to pay for these things.
The site surveyed 1,000 U.S. parents over the age of 21 online in May. Most parents in the survey have kids under the age of 18.
The survey defines nonessential items as anything not necessary for survival.
Source : CNBC
