To What Extent Did Social Media Use Contribute to Financial Hardship During the COVID-19 Pandemic?

The link between social media use and financial outcomes is still emerging. This study examines the association between communication through social media, financial outcomes, and the potential mediating role of fear of missing out. Using data from a national survey on the socio-economic impacts of the COVID-19 pandemic (n = 4178), linear regression results show that greater social media use is positively associated with difficulty in making ends meet and lacking emergency savings. Furthermore, fear of missing out mediates the relationship between social media use and both adverse financial outcome measures. It appears that social media use and a higher propensity to experience fear of missing out can be negatively related to a person's financial situation. The results of this study have implications for consumer financial behaviors related to social media communication.