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Spending time on social media makes millennials spend money, new survey says


(No) thanks to social media, millennials are feeling the need to spend more money than they probably should.

According to a new TD Ameritrade survey of over 1,000 Gen Y-ers, two-thirds say social media apps like Instagram, Snapchat, and Facebook causes them to compare themselves to their peers and take on a "keeping up with the Joneses" mentality.

Nearly a quarter admit to feeling pressured to keep up with friends' money habits.

An eye-opening 15 percent confess spending cash to make a good impression on social media. And more millennials than not report to having dropped more money in a given month than they'd wanted compared to their Boomer parents.

Is there any silver-lining?

In short, yes. 

Millennials are better with money thank you think, TD Ameritrade's 2016 Millennials and Money Survey shows. (Graphic: TD Ameritrade)

A majority (80 percent) say they have a budget and 62 percent identify as savers. And while immediate financial security may seem impossible for those aged 18 to 34, 85 percent can picture a financially stable future ahead.

Between student loans and the 2008 financial crisis, millennials are justified in their money angst, TD Ameritrade Retirement Director Matt Sadowskey says.  

But "the qualities they have developed like budgeting discipline and a realistic outlook on retirement may well pave the way toward their financial future," he says.

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