Money Matters - Social Media and Spending

 With World Social Media Day coming up on June 30 and the average person spending nearly two and a half hours on social media per day, the personal-finance company WalletHub today released the results of its 2025 Social Media Shopping Survey, which measures the impact of social media on our finances. You can find highlights from the survey and commentary below.

Key Findings:

• Less Scrolling, Less Spending: 4 in 5 Americans say they would spend less money if they deleted their social media accounts.
   
• Social Media Scams: Nearly 1 in 5 Americans would describe their social media purchases as scams.
   
• Online Buyer’s Remorse: 54% of people regret purchases they’ve made through social media.
   
• Tariff Fears: 60% of Americans are concerned about tariffs making their social media purchases more expensive.
   
• Bad for Budgets: Half of Americans think social media is bad for their budget.
   
• Skeptical of Influencers’ Advice: Nearly 3 in 4 Americans say they don’t trust financial advice from social media influencers.
  
   

“Your social media habit might actually be an addiction that’s costing you a lot of money. Nearly 4 in 5 Americans admit they would spend less money if they deleted their social media accounts, a new WalletHub survey found, and more than 50% of people regret purchases they’ve made through social media. So, if people know overspending via social media is a problem, why don’t people put down their phones and stack their cash instead? It’s difficult to kick this type of habit, but people should definitely consider cutting back on social media for the sake of their budget, especially with tariffs making popular items more expensive. People who are concerned about their ability to resist should remove social media apps from their devices. Trading social media apps in for a budgeting app can also help you pinpoint areas where you are overspending.”

 - Chip Lupo, WalletHub Analyst
 


 
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