Question of the Day: What percentage of people make purchases due to FOMO?

|
Aug 16, 2021
|
Question of the Day, Behavioral Finance

Answer: 60% of people make purchases because of FOMO, mostly within 24 hours.

Questions:

  • What is FOMO? How would you describe it?
  • Have you ever experienced FOMO? How has it ever impacted your spending behavior?
  • How can you avoid overspending due to social factors like FOMO?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

 

Behind the numbers (Trust Pulse):

 

What Is FOMO?
FOMO, or fear of missing out, is the feeling of anxiety that a person experiences when they think they’re missing out on something. Generally, these feelings are caused by seeing posts on social media. However, it’s often triggered during online shopping experiences as well.

 

--------------

Check out the NGPF Activity, ANALYZE: FOMO & Herd Mentality in Advertisements to discuss this topic further with your students. 

--------------

To learn more about Buy Now, Pay Later credit tools, read the NGPF blog post: What's New With Managing Credit (2021)

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.