FOMO Pushes 63% of Americans to Overspend, Leaving 15% With Over $2,000 in Debt
Updated
Updated · KSTP · Jun 9
FOMO Pushes 63% of Americans to Overspend, Leaving 15% With Over $2,000 in Debt
1 articles · Updated · KSTP · Jun 9
Summary
63% of Americans surveyed by CouponCabin said they spent money they did not have to attend social events, underscoring how fear of missing out is spilling into personal finances.
15% said that pressure to keep up with friends, parties and experiences left them with more than $2,000 in debt.
Bjorn Amundson of Quarry Hill Advisors said restaurant outings can quickly inflate costs, especially when people try to match what friends are ordering or feel obliged to attend every event.
He urged consumers to pay only for what they ordered instead of splitting checks, buy discounted gift cards at favorite restaurants, and skip extras such as appetizers or a first drink.