Social media can put a £400-per-year dent in millennials’ wallets

THE average 15-24-year-old checks their social media 30 times a day – and it’s also leaving a dent in their wallets, a survey by Barclays has found.

More than half (51%) of young adults across the UK say they’ve bought items, gone on days out or visited places after seeing celebrities or influencers mentioning them on social media, spending an average of £398.76 per year.

A similar proportion (52%) of young adults would like to see advice and support on how to save money on their news feeds, the survey found.

THE SACRIFICES MILLENNIALS ARE MAKING TO FUND THEIR SPENDING

PUTTING money into savings was the most likely habit people would sacrifice to fund their social media-inspired spending – followed by eating out, socialising with friends, going out, saving for specific goals such as a house, holidays and going to the gym.

Clare Francis, savings and investments director at Barclays, says: “It’s easy to see why so many of us enjoy social media and, when you’re stuck on your morning commute, it can certainly provide a welcome distraction.

“While it may seem important to have the latest must-have items now, think about whether they’re worth the trade off with money you could be putting away for future goals, from going on holiday with your friends, to starting to build up that deposit for your first house.”

SO HOW CAN YOU RESIST THE TEMPTATION TO SPEND?

HERE are some tips from Francis and lifestyle influencer Jasmine Cecilia Jonas, to reduce internetinspired impulse buys:

Sleep on it

IF you really want something, sleep on it for a night. It may not seem as essential the next day.

Ditch the apps

IF you want to steer clear of temptation, consider removing shopping apps from your phone. It’s amazing how much less attractive a ‘boredom browse’ becomes when you need to log in through your browser.

Picture your savings goals

IF you’re saving for a goal such as a holiday or a house, put a photo of your goal as the backdrop on your phone.

Having a visual reminder of your main ambition will help motivate you not to splash out on non-essentials.