Is social media fueling “money dysmorphia” among young consumers?

SINGAPORE: Social media platforms have become a virtual gallery of idealised lifestyles, where every moment seems picture-perfect. But behind the glossy filters and staged snapshots lies a troubling trend: the rise of what experts call as “money dysmorphia” among young consumers.

He noted that this illusion is made worse by influencers, especially in areas like cryptocurrency. When crypto values dropped, these influencers disappeared, but when values rose again, they “declared their wins proudly.” In this era, he emphasised the importance of cultivating financial literacy from a young age and urges against being swayed by the online facade of prosperity.Mr Tan suggests starting with open conversations about money and acknowledging personal spending triggers like FOMO .It’s about setting realistic financial milestones and gradually working towards them, instead of chasing instant wealth. “The journey to understanding how to manage your money is lifelong,” he noted.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Will Singapore’s Temasek get its money back from FTX?FTX on May 8 said almost all customers who lost money will get their money back.
Source: The Straits Times - 🏆 8. / 63 Read more »

How inflation is causing your money to shrinkThe widespread inability to recognise what money is really worth is known as money illusion.
Source: The Straits Times - 🏆 8. / 63 Read more »

15 months' jail for seventh man who pleaded guilty in billion-dollar money laundering caseChen Qingyuan's 15-month jail term is the longest among those dealt with so far and is on par with Zhang Ruijin.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

15 months' jail for seventh man who pleaded guilty in billion-dollar money laundering caseChen Qingyuan's 15-month jail term is the longest among those dealt with so far and is on par with Zhang Ruijin.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Man forfeits over $20m of assets in money laundering caseCambodian national Chen Qingyuan, 34, who is wanted in China over fraud allegations, was jailed for 15 months on May 23 over his role in Singapore’s largest money laundering case. It is the joint-longest sentence meted out in this case, so far. He was convicted...
Source: thenewpaper - 🏆 7. / 63 Read more »

$3b money laundering case: 7th man jailed 15 months, forfeiting over $20m of assets to stateHe was convicted of two money laundering charges and one forgery-related charge.
Source: The Straits Times - 🏆 8. / 63 Read more »