While combing through your Facebook newsfeed, do you ever feel a twinge of financial stress in the pit of your stomach when you see your friends posting their new homes, exotic vacations or expensive electronics? If you answered yes, you’re not alone!
According to a recent survey commissioned for Credit Education Week, 28% of Canadians under the age of 30 feel that same financial pressure and say that seeing their friends’ lives on Facebook directly impacts their ability to reach their financial goals. And what’s more is that 51% of Canadians are afraid others will find out about the challenges they’re having, showing that pressures to appear successful on social channels is becoming a real concern for many consumers!
So what can be done? Here are a few tips on how to reduce feelings of financial stress while on social media:
Keep your own financial goals in mind
The great thing about being human is that we’re all so different, and that includes financial goals. Maybe instead of buying a house or travelling to Bali, you’re more interested in finishing your education, growing your family or paying off your debt. Your financial goals are just that: YOURS.
Put things into perspective
Social media is a great way to learn bits and pieces about your loved ones’ lives but keep in mind that you’re not seeing the entire picture. Try not to measure yourself against other people’s online posts of their “great life.” Everyone has ups and downs, and remember that social media can shine a magnifying glass on the highest and lowest points.
Know there’s help out there if you need it
Many people don’t like to talk about their financial troubles, but be aware there are resources and organizations that can assist if you need help. For example, Consumer Protection BC enforces BC’s debt collection and payday lending laws, and we can help you understand your rights and responsibilities.
For more information about Credit Education Week Canada, check out www.cewc.ca.