Do you spend money (you normally wouldn’t spend) on experiences or items because you fear you’ll miss out on something great? If your answer is yes, then you’re affected by FOMO, also known as the fear of missing out.
The Oxford dictionary defines it as: “Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media.”
When checking out my social feeds, I’ve seen my friends go on amazing trips, go to music festivals, or eat brunch at some of the hottest restaurants in Toronto. I wanted to join in on the fun.
I’ll admit, I was (and still am to a lesser degree) greatly affected by FOMO and because of it, my finances took a pretty bad beating. It took a balance transfer credit card, discipline and a cash-only spending policy to get me out of debt.
Seeing how much of an impact FOMO had on my life, we wanted to know if was I just an outlier or if FOMO affects other Canadians’ finances as well? To get answers, we surveyed nearly 900 Canadians and asked them questions around FOMO and their finances. This infographic summarizes our findings, enjoy!
Scroll through the phone’s Instragram feed to view The Cost of #FOMO infographic.
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