Four in 10 millennials ‘can’t live’ without social media, according to research.
Researchers who polled 2,000 UK adults aged 15 to 24 found they are increasingly dependent on the likes of Facebook, Twitter and Instagram and couldn’t bear to be away from it.
On average they’ll check up on the latest posts from friends, family and big-name celebs an incredible 30 times a day.
The findings emerged as the Royal Society for Public Health (RSPH) called on young people to cut down their social media usage – with thousands expected to take part in ‘Scroll Free September’.
But the research commissioned by Barclays found social media is not just a drain on our time – it’s also leaving a dent in our pockets.
More than half have purchased items endorsed by celebrities or influencers on social media, while one fifth directly blame it for a lack of savings.
Fifty-three per cent believe their bank balances would be in a much better shape if wasn’t for tempting posts in their social media feeds.
In fact, young Brits would have £398.76 more in their savings accounts on average – that’s a whopping £3 billion collectively.
As a result, 52 per cent of those polled would like celebs and other big-name social media influencers to provide more advice and support on how to save money.
In an effort to change online spending habits, lifestyle blogger, Jasmine Cecilia Jonas, has teamed-up with Barclays to help young Brits can save money – and still get their fix of social media.
Amid this, over half said this is just the sort of content they want to see on Twitter, Facebook and co.
Jasmine Cecilia Jonas said: “It sounds simple, but my advice is to always spend within your means.
“It’s very easy to flick through an influencer’s feed and see a ‘dream lifestyle’ that you wish to lead too, but many people don’t realise that the majority of clothes, holidays and experiences displayed have actually been given as gifts.
“Although I too have moments of weakness where I splurge on clothes and other frivolities, I always try to see the bigger picture.
“A throwaway item may grant a moment of pleasure, but it’s no comparison to a house, a car or a holiday.
“Saving a little bit of money each month really does go a long way to achieving those longer-term goals and having that little bit of contingency money is essential.”
The research also found that seven in 10 said they ‘love’ online shopping and almost a third revealed they regularly turn to celebrity or influencer social media accounts for inspiration.
Clare Francis, savings and investments director at Barclays, said: “It’s easy to see why so many of us enjoy social media and, when you’re stuck on your morning commute, it can certainly provide a welcome distraction.
“However, it’s important to keep in mind that the influencer’s feeds you see are not real life and much of what you see will have been gifted for free.
“But trying to mirror it ourselves could come at a significant cost to our bank balances and future savings goals.
“While it may seem important to have the latest must-have items now, think about whether they’re worth the trade off with money you could be putting away for future goals, from going on holiday with your friends, to starting to build up that deposit for your first house.”