For most students, social media plays a big part in their uni existence, whether it’s planning events, tracking what their high school friends are up to, or according UniBank’s new report, influencing their spending habits.
The report surveyed over 1200 students across Australia and found that 88% of them believed that social media impacted how they spent their money.
The 3 main areas where students felt they were being effected was when it came down to picking places to go out, like restaurants, cafes and bars (64%), maintaining their ‘look’ by spending on fashion and beauty (56%) or choosing which festivals and events to hit up (56%).
There were a number of reasons students felt that they had been influenced into spending, the big one, reported by 43% of students, was that they were simply swept up with the ease of buying products off sites like Facebook and Instagram. FOMO (fear of missing out) also played its part, with 23% feeling pressured to spend after seeing their friends at various festivals, restaurants and events.
While 79% of all students consider themselves to be at least relatively financially savvy, 28% of them don’t always ensure they have the money in the budget before they buy something from social media; getting caught up in the thrill of the sale and forgetting to consult their bank account before clicking purchase.
When it comes to seeking financial advice, the majority of students (62%) turn to their friends or family first, with only 23% starting their search by doing independent research.
All these financial follies are concerning for students, as 76% felt that they were sometimes or always under financial pressure.
4 Tips to make sure your finances are in order
To help ensure that you avoid unnecessary financial stress and have all your personal finances on point, here are 4 super simple tips to get you started: