Social Media and the debt of Millennials

Using Facebook as a way of contacting friends or having an Instagram account is obviously not something millennials are prone to. People from earlier generations also browse these sites, as do the vast majority of underage Z, who were born after the late 1990s. Telephones and social media have become commonplace for almost all members of Western and European cultures.

Why millennials?

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However, millennials suffer most from social media influence. Generations of the ’70s and’ 80s did not have access to the Internet during adolescence and entering adulthood, i.e. at the stage of life in which you are most susceptible to the influence and opinions of other people. As a consequence, it did not increase enthusiasm to follow an exclusive and lavish lifestyle. Seeing only people similar to each other

Generation Z, despite being very vulnerable to these stimuli, simply does not yet have its own financial means to implement these whims and can only rely on the wealth of their parents.

Millennials are now people earning their own money and disposing of it at their own discretion. Thanks to the influence of social media, it is becoming easier to spend this money on things that we do not need.

Social Media Impact

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Social media is everywhere. With a convenient tool in your pocket to connect to these networks, we use it almost every now and then. On the way to school, during a break from work, standing in a traffic jam or at a boring party. Checking your phone is often the first thing we do when we get up in the morning and the last thing we do when we go to sleep. No wonder that many companies have decided to capitalize this phenomenon.

Mark Zuckerberg, the owner of Facebook, being in the hearing before the Senate of the United States in April 2018, admitted frankly and directly that his company mainly deals with advertising. Every major company on the social media market is fighting for scraps of our attention to better sell us its customers’ products. Powerful databases about users and their preferences and tastes are collected, and complex algorithms calculate what ads will best show us.

If Instagram sees that we are watching accounts related to home or garden decoration, it will probably show us sponsored posts about a new promotion for paintings or garden tools. If we like them, buying these items usually doesn’t require more than a few finger taps on the phone screen. Then just wait a few days and the packages magically appear at our door, and we almost do not feel when we spent the money.

Observing accounts that show a seemingly amazing life

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Whether they belong to our friends or people we never knew, also drives our desire to own. We see that someone in an expensive suit gets into their luxury car and we try to learn this feeling ourselves.

More and more young adults are taking advantage of the possibility of taking quick and easy loans to make their dreams come true. Getting lost in many bank accounts, growing debts and too fast pace of life, many of us may not get out of these debts for a long time.

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