Social Media and Financial Shame. NewsWire

NewsWire: 7/30/22

• According to a new survey, social media often makes users feel negatively about their financial situation. This is especially true for younger generations. (Bankrate)
• NH: It's no surprise social media makes people feel self-conscious about their appearance. But according to a new poll, it also makes people feel gloomy about their financial situation.
• 34% of Americans say they have felt pessimistic about their finances after seeing others' social media posts. These negative feelings about money are especially strong among younger people. 46% of Millennials and 47% of Gen-Zers say the same thing. For Millennials, financial security is the number one source of social media shame. For Gen-Zers, it ranks number two, right behind attractive appearance (49%). 

• We have written previous NewsWires on how much more shame Millennials feel about their economic success, or lack thereof, than older generations do. (See "Don't Bring Up Personal Finances with Millennials" and "Millennials Prioritize Savings.”) 51% say their financial situation is behind where they think it should be. And when asked why they don't like to talk about money, 55% cite perceptions of failure or poor performance. The shares of Xers and Boomers who feel this way are much smaller.
• This difference can be partly explained by Millennials' phase of life. Young adults typically feel more sensitive about how they are doing economically because they're still trying to prove themselves. But most of the difference is generational. Millennials grew up being told they were certain to succeed. And many feel self-conscious that they haven't lived up to others' expectations.

DID YOU KNOW?

• Go Ahead, Eat Your Spoon. You’ve heard of reusable fast-food packaging. (See “Would You Like a Reusable Box with That?”) Now get ready for edible cutlery. According to Axios, a growing number of eco-friendly startups are hawking straws and utensils made from ingredients like rice, wheat, chickpeas, and sugar. Disney and Tropical Smoothie Café are among the companies that now offer their customers Sorbos edible straws, which come in eight flavors. Meanwhile, TJ Maxx, Home Goods, and Marshalls are selling spoons from Incredible Eats, which supposedly taste like croutons. Other startups in this space include Equo, Biotrem, and TwentyFifty. While edible cutlery might seem like a win-win for the environment and for businesses looking to boost their green credentials, it remains pretty much a novelty at this point. It’s much more expensive for retailers to buy, can be clunky to handle, and tends to turn mushy or dissolve if left in contact with food or drink for too long.