Only 18% of US individuals earn more than $100,000
More than half of Americans (51%) admit that seeing what others buy on social media motivates them to spend, often out of fear of missing out. About one in ten say they’ve made a purchase in just the past week for this reason, per Empower.
The tendency is strongest among younger generations. Nearly 70% of Gen Z report experiencing financial FOMO, compared with 57% of Millennials and Gen X, and only 28% of Baby Boomers. Gen Zers (11%) are also more than twice as likely as Millennials to have made a purchase in the past week because of this pressure.
When financial FOMO strikes, the most common spending categories are experiences: 21% spend on dining out and 18% on travel. Others say it leads them into investments (16%) or events such as concerts (15%).
The Upside of Financial FOMO
FOMO isn’t entirely negative. Almost one in five Americans (18%) say that seeing financial “wins” posted by others—such as new investments or large purchases—motivates them to succeed. Another 16% say it sparks curiosity and encourages them to learn more.
Some use this influence constructively: over 15% of those with financial FOMO say it inspired them to invest, 14% opened a savings account, and 13% improved their debt repayment strategies. In total, 57% of people admit they’ve made a financial decision after seeing others share lifestyle or financial milestones online.
Three-quarters (73%) say social media has inspired them to change their money habits—whether spending, saving, or investing—most often triggered by posts from friends and family (15%), product reviews (14%), or investment success stories (13%).
Social Media as a Source of Optimism
Despite its downsides, social media also lifts financial outlooks. A majority of Americans (57%) say it makes them more optimistic about their financial futures—a number that rises to 78% for Gen Z and 70% for Millennials.
Specifically, users report being encouraged by seeing others achieve milestones such as becoming debt-free (22%), reaching financial independence (16%), or building passive income (15%). Across generations, 86% of Gen Z, 82% of Millennials, and 75% of Gen X say these posts motivate them to improve their own financial situations, compared to just 48% of Baby Boomers.
Most people (66%) also actively seek out financial education online. Popular content includes tips for saving and budgeting (24%), ideas for side hustles (22%), and long-term financial strategies (19%). One in five (19%) say social media makes them feel less alone in their financial struggles and more determined to pursue their goals.