This archive report was first published on 15 July 2019.
With the rise of social media, it's no surprise that people are feeling pressure to keep up with the latest trends and appearances. But a recent study by Hanover Insolvency has found that this pressure is having a darker side effect: debt.
According to the study, one in eight people are spending beyond their means to look better on social media or for a date. This can lead to crippling debt, as people feel the need to keep up with the latest fashion, travel, and beauty trends.
Adam Deering, Hanover's chief executive, warned that people need to be careful not to get caught up in the desire to live a certain lifestyle. 'While there's no harm in aspiring to live a certain lifestyle and to wanting to achieve your dreams, people need to walk before they can run,' he said.
Deering's study found that a significant number of people in debt don't track their direct debits or monitor their accounts online, making it harder to manage their finances and easier to lose track of how much they've spent.
So what can you do to avoid falling into the trap of debt? One solution is to put up barriers to make it harder to spend money quickly online. For example, you can turn off one-click ordering on Amazon or not let your browser save your card details.
By taking these simple steps, you can avoid getting caught up in the pressure to keep up with social media and maintain a healthy financial balance.
