Don’t fall into the trap of “sexy debt”: the modern version of keeping up with the Joneses. It’s easy to get caught up. Stay clear and stay debt free.
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Social media has a massive impact on shopping habits, making it easy to buy items directly from platforms like Instagram, Facebook, and TikTok. Global shoppers are estimated to spend a staggering $2.9 trillion on social media commerce by 2026. In the UK, social media commerce is also growing rapidly, with 70% of millennials and 78% of Gen Zers in the UK buying directly on social channels.
But here’s the kicker: all those glamorous photos and flashy posts can lead to “sexy debt”. Very simply, it’s about people trying to keep up with the Joneses or pretty much anyone else on social media.
But why?
You scroll endlessly, and then you see something and get inspired: maybe you’re planning to decorate a room or thinking about birthday gifts for the kids.
- Social proof: Seeing people talking about products gives social proof that something is worth spending money on.
- Emotional connection: You build up an emotional connection when you see people on your timeline regularly. Their lives become a soap opera that you want to come back to.
- Aspiration: Influencers often have aspirational lifestyles. They seem happy; maybe doing what they do will make you happy?
- FOMO: It’s the good old fear of missing out, which can make you act quickly on limited-time offers without thinking things through.
- It’s too easy: Shopping without leaving social media and using BNPL (buy now pay later) services like Klarna or Cleapay makes it seem like no money has left your bank account. The ease can lead to mounting debt and dented credit reports without realising it.
They get trapped too
Even influencers themselves sometimes fall into debt to maintain the lavish lifestyles they project online. For instance, Sarah blew £12k, Lisette racked up $10k, and Megan paid out over $2k to keep up constantly creating “appealing content”.
Forget sexy debt
- Budget: You’re scrolling, see the perfect item and boom — buy now! Resist the urge. Set a monthly budget, put it into a separate spending account, and stick to it.
- Think twice: Before you add that snazzy new gadget or adorable kids’ outfit to your cart, give yourself a day to think it over before checking out.
- Unfollow: If certain accounts make you feel like you need to spend to keep up, it might be time to hit unfollow. Out of sight, out of mind – your wallet will thank you.
You can enjoy the perks of social media without falling into the trap of “sexy debt”. After all, real glamour comes from financial peace of mind, not just the latest trends.
Naomi knows the burden of living on very little and became debt free by following her own money saving tips and tricks. She is an expert on saving money at the supermarket and side hustles.
