Are Millennial's going broke because of Social Media?

Millennials are going broke … because of social media. According to research by Allianz Life, 57 percent of Millennials (compared to 28 percent of Gen-Xers and 7 percent of Baby Boomers) say they've spent money they didn’t have because of something they saw on social media. Seems lots of Millennials feel pressure to keep up appearances – with nearly 50 percent saying they are influenced by their friends’ posts of lavish vacations and lifestyles. According to the survey, “Social media has become the Millennials’ financial Achilles Heel.” (Moneyish)