{"id":3944,"date":"2017-07-29T10:54:46","date_gmt":"2017-07-29T14:54:46","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=3944"},"modified":"2021-09-30T11:00:42","modified_gmt":"2021-09-30T15:00:42","slug":"the-costs-of-fomo","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/the-costs-of-fomo\/","title":{"rendered":"The Costs of “FOMO”"},"content":{"rendered":"

\"GODAY46\"<\/p>\n

Do you suffer from \u201cFOMO\u201d or the \u201cFear Of Missing Out\u201d? This is something very common, because who wants to be the person missing out on something fun? What you don\u2019t realize is that these events and decisions can often lead to or have financial implications.<\/p>\n

Especially in the age of social media when you\u2019re seeing images and reading stories of what others are doing, this is how \u201cFOMO\u201d is created. Of course, you want to also be traveling the world or attending that awesome event, who doesn\u2019t? But is it financially feasible? Splurging here and there is one thing, but constantly being off budget<\/a> and not worrying about your credit card statement<\/a> because you\u2019re living in the moment is another thing.<\/p>\n

According to Tangerine<\/a>, twenty-six percent of Canadians admitted to suffering from \u201cFOMO\u201d, according to a study by RateHub*. Of that demographic, forty-eight percent are millennial consumers, while only nine percent are of the baby boomer generation. Surprised? Not really, since \u201cFOMO\u201d mainly comes from outlets like social media as previously mentioned. This fear of missing out has been statistically proven to have purchase power as twenty-five percent of those surveyed saying that \u201cFOMO\u201d is their main motivation to shop. This is an alarming statistic because if this kind of spending goes unchecked, shopping habits and random purchases can quickly get out of hand.<\/p>\n

So how do you know if you suffer from \u201cFOMO\u201d? Here are five signs below:<\/p>\n