Background & Challenge
Personal Finance & Social Influences of Emerging Adults
Target group: Emerging Adults-"The Inbetweeners"
Our target group is Emerging Adults (aged 19-29). The financial characteristics of this group are relatively low or unstable income, high cost of living and lack of saving habits. Their specific challenges include: high student loans, unstable jobs, needing to save for renting or property, having to plan for a distant career and future...
Direction: Personal Finance & Social influence -"Don’t try to keep up with the Joneses."
Many young people consider relationships with friends to be more important than managing money. Therefore, socialising is one of the most important factors affecting young people's financial situation.
On the one hand, there is the physical social factor, with survey data showing that "Nearly 40 per cent of millennials have spent money they didn’t have and gone into debt to keep up with their peers.” On the other hand, there is the "perfect life" that people share on social media. The data shows that 57% of millennials spent money they hadn’t planned to spend because of what they saw on their social media feeds.
Key issues: FOMO
The FOMO (Fear of Missing Out) mentality caused by social pressure often leads them to overspend.
Receiving social pressure - Fear of Missing Out - Over-consumption - Sharing consumer content - Influencing peers - Generating social pressure. Young people are caught in this "FOMO circle". When the individual is in a group and the group is in a larger environment, each individual is both an influencer and an influencer of FOMO.