(BPT) - Over 1 in 2 Americans (51%) have made a purchase or investment due to financial FOMO — the fear of missing out on a financial opportunity or experience. New Empower research shows a comparison effect taking place: Nearly one-third (31%) say they often compare their financial situations with others while scrolling social media. But there is a sense of optimism in the act, as most people say seeing others achieve their financial milestones inspires them to improve their own money habits (71%).

Key takeaways

Nearly 70% of Gen Z feels financial FOMO while scrolling social media.

Americans are most likely to spend money on dining out (21%) and travel (18%) due to financial FOMO.

Over 1 in 2 people (57%) have made a financial decision after seeing others' lifestyles online.

What i

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