(WWBT) - Social media may add more pressure to that old habit of trying to "Keep up with the Joneses."
New data from Allianz Life shows more than half of Millennials admit they've spent money they didn't plan to because of something they saw on social media.
The most common triggers are friends' vacation photos or high-end purchases.
More alarming, 61 percent of Millennials say social media makes them feel "inadequate" about their lives. That rate is 72 percent for Gen Xers, and 54 percent for Baby Boomers.
Millennials are already fighting an uphill battle when it comes to finances with nearly half of them have nothing - literally nothing - saved.
Previous studies have shown that the more time people spend on social media, the worse they tend to feel. Millennials tend to spend more time on social media that any other generation.
The simplest fix is the most obvious one - spend less time on social media.
Apps like Offtime and Moment can help set time limits for social media usage and other distracting sites.
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