The “fear of missing out,” better known as FOMO, isn’t just a social phenomenon — it’s becoming a financial problem for millions of Americans.
A new survey from CouponCabin reveals that 63% of consumers admit to spending money they didn’t have just to attend social events.
Even more concerning, 15% say they’ve accumulated more than $2,000 in debt trying to keep up with friends, parties and experiences.
“FOMO, or as you may know, the fear of missing out, is super common in today’s world,” said CouponCabin Chief Savings Expert Melanie Lowe. “And it doesn’t come without a price tag.”
Lowe said social media is only fueling the problem.
The survey found that 86% of Americans have spent money directly due to social pressure.
“I think because we can see what people are doing, we can see the events, we could see, you know, this person’s wedding, person’s birthday party,” Lowe said, “it almost makes you feel more obligated to attend the event.”
While 42% of respondents admit to splurging on trips they couldn’t afford, the real budget-buster may be those everyday outings.
“It’s not really necessarily these large events, these big vacations that we’re going on,” Lowe said. “It could be something as simple as buying a gift for a friend’s party. And, when you have multiple events like that throughout the year, it can really add up.”
Lowe recommends prioritizing the people and events that matter most, while looking for ways to save where possible.
The goal isn’t to miss out entirely, but to participate in a way that doesn’t jeopardize your financial health.
“It is OK to say no to some of these events,” Lowe said. “If you know that you cannot afford something, you can say no and you don’t need to feel guilty about it.”
She also suggests proposing alternatives, like lower-cost get-togethers, instead of skipping social time altogether.
For a look at the CouponCabin survey, click here.
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