Not every young person is making bank by going viral on TikTok. Quite the contrary: For most Gen Zers and millennials, social media apps like TikTok and Instagram exacerbate their financial anxiety. So finds Deloitte’s 12th annual 2023 Gen Z and Millennial survey, which fielded responses from over 22,000 Gen Z and millennial respondents in 44 countries. Fifty-one percent of Gen Zers and 43% of millennials said that social media makes them want to buy things they know they can’t afford.
That could stem from regularly seeing posts from friends or influencers flaunting fancy clothes and vacations, as well as targeted ads, says Michele Parmelee, Deloitte's global people and purpose leader. "In those ways, social media can generate the desire to have more things and spend more money," she tells Fortune.
