By the numbers: millions and billions

FOMO Plays a Huge Role in Millennial Spending

Millennials are starting to believe what everybody says about them — that they’re entitled failures, not making it to the big milestones in life their parents had by this age and that they see their friends achieving.

It’s called FOMO, or fear of missing out. But, surprisingly, millennials don’t support going into debt to avoid their FOMO. A new GOBankingRates survey shows…

  • Three in five say FOMO doesn’t justify careless spending
  • Three in five won’t go out if it’ll put a financial strain on family or their significant other
  • One in three say they have never gone out with friends if they couldn’t afford to
  • Millennials charge 22 percent less on their credit cards than earlier generations

And while many may feel surprised at these results, previous studies have shown how just how much millennials are willing to sacrifice in order to obtain financial security.

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“This does not surprise me because millennials are becoming more practical as they get older, take on more responsibility and have more experience,” said Jason Dorsey, co-founder of The Center for Generational Kinetics. “While the media may not like this answer because it’s not sensational … I find it a great insight into millennials moving in a direction of overcoming the stereotypes so often forced upon [them].”

So FOMO really does impact millennials — just not in the way most people think.

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