Social Media is This Generations Gambling: Impact on Relationships and Economic Behaviours
If you’re reading this your probably closer to my age and social media is a relatively new thing in your life as it wasn’t until the 90s that we started to see the internet become a thing in households. By early 2000s we had MSN, mIRC and other chats. But all these chats were not globalised like they are today.
At any moment you can open your phone and be transported to another place on the globe and see how other people live. A marvellous expansion in human engineering, except for one major flaw. There is an entire generation that has been raised on social media it has been 100% of their life and while previous generations battled with gambling and pokies, social media is the new evil.
In the contemporary digital age, social media has become a pervasive influence in our lives shaping our behaviours, perceptions and relationships. While it offers numerous benefits such as connecting people and providing a platform for self expression. The darker side of social media is increasingly coming to light.
The negative impacts social media is having on relationships and how it is warping reality, leading individuals to inflate the costs of trades and services to fund lifestyles portrayed on these platforms. This is a major problem that Governments are failing and enabling major corporations build a false world around their over inflated products and causing major relationship breakdowns.
Social Media and Relationships
Social media has fundamentally altered the way we communicate and interact with each other. Platforms like Instagram, Facebook and Snapchat provide unprecedented access to people's lives, allowing for constant connectivity. However, this connectivity often comes at a cost.
A recent study should be alarming everyone as it found social media can create a false sense of intimacy. The curated snapshots of lives that people share often present an idealised version of reality, leading to unrealistic expectations and comparisons. This phenomenon is particularly pronounced among young adults, who place high value on social validation through likes and comments. This constant need for validation can erode genuine connections, as interactions become more about maintaining an online persona than fostering real relationships.
The constant stream of updates and images can also foster jealousy and insecurity. Seeing friends or acquaintances post about their seemingly perfect lives can lead to feelings of inadequacy. Studies have shown that people who spend more time on social media are more likely to experience feelings of envy and dissatisfaction with their own lives. This can strain relationships, as individuals may project their insecurities onto their partners or friends.
Warping Reality and distorting success
While social media facilitates communication, it often lacks the depth and nuance of face-to-face interactions. Misunderstandings are common, as tone and context can be lost in text-based communication. Furthermore, the tendency to multitask while using social media can lead to fragmented conversations and a lack of meaningful engagement.
The influence of social media extends beyond personal relationships; it also impacts economic behaviours and perceptions of reality.
Social media has a significant impact on consumer behaviour particularly among younger generations. According to a study by Yes Lifecycle Marketing, a substantial percentage of Gen Z and millennials are influenced by social media in their purchasing decisions. Luxury brands in particular benefit from this influence, as their products are often showcased as symbols of status and success.
The desire to fit in and gain social acceptance drives many young consumers to prioritise luxury brand purchases over more practical or affordable options. This trend is fuelled by the need to identify with a certain self-image or to remain connected with social norms on social media. As noted in various studies, normative influence the pressure to conform to the behaviours and standards of others plays a crucial role in driving these purchasing decisions.
Inflation of Trade and Service Costs
My uncles were tradies and they owned a Ford Falcon Wagon that they transported their tools in, they didn’t own Gucci and Prada wasn’t high on their purchase lists. But today most younger tradies that arrive at your property are guaranteed to own a pair of real Prada or Gucci glasses. A long throw from the rip offs we used to buy at the local markets. These are 400+ sunglasses and guess how they’re paying for it – You.
The desire to emulate the lifestyles portrayed on social media can lead individuals to increase the costs of trades and services. Many people feel compelled to project a certain image online, which often involves spending beyond their means. This can result in professionals inflating their rates to fund their own lifestyle aspirations. For instance, a service provider may charge higher fees not necessarily reflective of their service quality but to support their luxury brand consumption or extravagant social activities.
This inflationary trend can have broader economic implications, creating a disconnect between the actual value of services and their perceived worth based on social media driven lifestyle expectations a complete loophole in the power and ability of the Australian Competition & Consumer Commission. The ripple effect can lead to an overall increase in the cost of living, as more individuals feel pressured to match these inflated standards.
Psychological and Financial Strain
The pressure to maintain a certain lifestyle on social media can lead to significant psychological and financial strain. People may incur debt or compromise their financial stability to keep up appearances. The constant comparison with others can also lead to stress, anxiety and even depression. These mental health issues are exacerbated by the perpetual cycle of comparison and competition fostered by social media platforms.
While social media has undoubtedly revolutionised the way we connect and interact, it has also brought about significant challenges. The impact on relationships, from fostering jealousy and insecurity to eroding genuine connections is profound. Furthermore, the way social media warps reality and drives economic behaviours, leading to inflated costs for trades and services brings to light the complex and often detrimental influence of these platforms.
It's time to raise awareness and critical thinking about the role of social media in our lives. As previous generations did for the gambling sector, Social Media is this centuries big evil. We need to start by recognising and addressing these negative impacts, individuals can strive for healthier more authentic relationships and more sustainable economic behaviours, free from the distortions of the digital world and online marketing peddling fake lives which is having a bigger detrimental impact than fake news.
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This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
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For real I completely agree with you bro, social media has distorted reality and strained relationships. It’s so sad to see people chasing an unrealistic lifestyle, causing financial stress and losing genuine connections in the process. We definitely need a change
I feel the aim of social media is not successful. The aim may be to connect people all over the world but that’s not what people do with it these days. All what they do is promote fake informations, embrace more online meetings instead of face to face connections and all…