We all have heard that phrase keeping up with the Jones’, but not many of us give much thought to how this phenomenon has changed in our era of ubiquitous technology and connection. As it turns out, the answer – specifically for millennials – is a lot. A new survey from Allianz Life has found the tendency for social media users to broadcast a very curated view of their life has financial ripple effects for many Americans.
All of us need to be aware of the pressures that we are exposed to when on social media. I think we are often very away of the barrage of ads we see on various platforms, but we do not necessarily think about what we see from those we are connecting with. (Source: Black America Web, Mellody Hobson) If you are a millennial, I urge you to embrace the stock market. The survey found that nearly 6 in 10 Millennials remain skeptical of the stock market. Investing in the stock market is the best way to grow wealth for retirement.