LAS VEGAS (KTNV) — Fear of Missing Out or FOMO is a very real phenomenon that affects people across the nation, as well as their wallets.
It's the feeling of envy you get that other people are having more fun or experiencing better things than you.
FOMO has Nevadans spending an extra $5,273 per year, research reveals.
This feeling is often intensified by seeing social media posts, which can have a significantly negative effect on your self-esteem.
Couponing101.com, conducted a survey of 3,500 people to investigate just how much they are spending to avoid the feeling of FOMO, as well as how many overspend on payday leaving them strapped for cash for the rest of the month.
It was found that overall, Nevadans admit spending $439 per month ($5,273 per year) in order to avoid the feeling of FOMO - significantly above the national average of $3,912.
Rhode Islanders admit to spending the most, roughly $1,112.89 per month ($13,354.67 per year). By comparison, residents of Maine are least affected by FOMO, spending just $87 monthly ($1,051 per year).
The research revealed that:
- 20% of Nevada residents say they overspend on payday and consequently, struggle financially to make it to the end of the month.
- 1 in 5 Nevadans say they overspend on payday and are 'stretched for the rest of the month'.
- 2 in 3 say Facebook causes them the most FOMO.
- 17% have used loans in order to avoid FOMO.