Blog Series: 10 Reasons For Millennial Women To Be Financially Literate
Are you Financially Literate?
Being financially literate goes beyond knowing how much savings one has in the bank; it means possessing the ability for informed financial decision-making. I will be sharing the top ten reasons why Millennials Women MUST dominate their finances and what that looks like – beyond the jargon.
The Number One Reason for Millennial Women to be Financially Literate
#1 – FOMO is a Trap
FOMO. Fear of Missing Out. According to the dictionary :
FO·MO ˈfōmō/ noun informal noun: FOMO
- anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.”I realized I was a lifelong sufferer of FOMO”
The important words in the definition are “social media” and “anxiety”. Social Media posts by other people, especially acquaintances or the random troll, can be annoying, but Anxiety-Causing? Turns out this is a real issue – we can literally feel disconnected and dissatisfied with life due to the perceived success and contentment of our peers and idols.
If you have ever felt the need to constantly check your Instagram or Facebook Timeline while out with friends, that is what FOMO looks like. The theory is that social media, with its sheer speed and glossy selfies, overwhelms users with imagery that is picture-perfect. In-fact, that is exactly what it is – Too Good To Be True.
While our rational mind is well-aware of the fact, the subconscious gets triggered by these posts and creates a nervous energy – a nervous energy that is often channeled, at a HUGE disadvantage to your wallet, by going shopping.
See enough pictures of your ex-boss’s new Ferrari and chances are you are gonna want to a) Buy a Ferrari or b) Realize you can’t afford a Ferrari and eat a tub of Chocolate Ice Cream or c) Go shopping and buy yourself another scented candle set to gloss over the feeling of overwhelm. If this happens enough times, you will be making decisions triggered by outside influences – including how you spend your money- rather than by rational thinking and planning for what suits you best.
Still not convinced that FOMO is dangerous to your financial health? According to Yahoo Finance, the need to keep up with friends has resulted in 56% of Canadians aged 18 to 30 to live beyond their means. Their purchasing decisions are the result of social pressure from Instagrammed selfies and Snapchat clips, often with luxury brands popping up.