Spending Too Much, Blame Social Media

Spending Too Much, Blame Social Media

Bling 2Social media gets a bad rap in a number of areas. Now there is a new one. As reported a few months back in The Washington Post, a group of American and Canadian economists are expressing concern about social media. They claim it could be the reason we are not saving enough. Their theory is a new take on “keeping up with the Jones”. People are posting cool things they are doing, have purchased, or are wearing. All tend to be focused on what they have spent their money on. To keep up, we are frantically wasting our incomes on frivolities instead of saving our hard earned paycheck. It’s the Goldman Blog sense that the medium isn’t the message, or the source of blame. Those who are prone to acting this way will do so with or without social media.