QoD: Which of the following factors has the MOST negative influence on money habits: family, friends or social media?

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Jun 05, 2019
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Question of the Day, Behavioral Finance

Answer: Social Media. 

Questions:

  • Who has had the most positive influence on your money habits? Explain.
  • What are some examples of how social media can lead to bad money habits?
  • Explain a situation where a friend may have had a negative influence on how you manage your money?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Schwab Modern Wealth Report):

Includes many interesting insights, including:

  • Americans pay more attention to how their friends spend than how they save
  • Gen Z and Millennials are most likely to spend on experiences because of something they saw on social media

 

 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.