Millennials blowing budget for Insta likes

SOCIAL media is making young Australians over spend as keeping up with the Joneses becomes even more immediate.

UBank surveyed 1000 people aged 18-34 and found two thirds of millennials admitted what they saw on their news feeds drove impulse spending.

Another 27 per cent shared purchases online to impress followers and 23 per cent said they had bought over-budget items for a response on social media after becoming envious of what others had posted.

More than a quarter of respondents said they were compromising their future by what they shared on social media.

The survey also found 10 per cent of young people would prefer 1000 likes on a social media post to $200 in a savings or super account.

Public relations worker Zoe Walsh, 26, said she checked Instagram 10 to 15 times a day.

Instead of going to shops, she took screen shots on Instagram and spent $1500-$2000 a month on them.

“I’m a clothes and makeup shopper. As soon as I get paid, within an hour I’ve been known to screenshot and I’ve almost spent $2000,” she said.

Social analyst David Chalke said overspending had become young people’s religion.

“This is the new world, it’s not Instagram’s fault, it’s how we have evolved as a human species,” he said. “They use it to establish their personality.”

UBank chief executive Lee Hatton said young people were conscious of spending, even if they were blowing their budget. “They’re smart, they are financially savvy ... they set goals so they can buy what they want.’’