Social media is one of the most controversial topics of conversation nowadays - it started off as one of the greatest things to happen to our generation and now people are choosing to go off the grid now more than ever. It has affected almost every aspect of our modern lives, from fashion to finance and the impact it has caused cannot go unnoticed. So, let’s talk about the best and worst bits about it. 

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The not-so-great things about social media:

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Comparison

Arguably, the biggest issue with social media is the risk of comparison. You see so many people showing off the best parts of their lives (real or fake) and it leaves many wondering ‘how can they afford that?’.

From clothes, to cars, to houses, it’s hard not to compare yourself to people your age that seem to be reaching all their goals. But that’s exactly it - that’s all that they want you to see - you have no idea what has gone on behind the scenes, how they got there, help they received or what is actually real. 

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Pressure

Figuring out your finances is hard enough as it is with so much to understand, learn and digest without the added pressure that comes from comparison. Whether it’s your friends or people you follow, when everyone else seems to be going on holidays or buying a house, there is undoubtedly a sense of pressure that comes with ‘why aren’t I achieving the same things as them?’. 

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The great things:

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Education

The usual suspects - Instagram, Twitter and Facebook can be a fantastic place, especially for young people, to educate themselves on a range of financial topics. Social media has made many aspects of education much more accessible and more exciting for younger people by simply making it more fun. 

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Easy Bites Of Information

The world as we know it is more fast-paced than ever and it is evident that our attention spans are not what they used to be. As a result, creators are making content in such a way that it is so easy to digest and is appealing to learn. People nowadays don’t want to trawl through pages and pages of a document to figure out that one piece of information, so by seeing it broken down in an instagram post can be a life saver. It takes out the stress and formality of certain financial situations and makes it easy to understand. 

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Great Community Of Honest People

One of the biggest benefits of social media is the opportunity to connect with so many people of all ages, backgrounds, lifestyles and upbringings that can inspire others. This can create an honest environment where people share true stories about their financial hiccups and mistakes and help other people learn. It can be great to see that you are not alone - that other people struggle with impulse buying or emotional spending and not everyone has their life together by 25!

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Separate the good from the bad and use social media to your advantage!