‘Instagram Lifestyle’ Landing Brits in Debt
A recent report has suggested that many Brits are getting themselves into debt to live what is called an ‘Instagram lifestyle’. They are overspending in order to look good on social media.
The Love Island Effect
The rise in popularity of reality TV show, Love Island, is being blamed, with more than 10 percent of people under 40 saying that they ‘spend beyond their means’ to ‘look better on social media’. Fashion, holidays, weddings and designer pets… appear on the reasons why people have overspent on their bank accounts, credit cards and even taken out loans!
If you do want this lifestyle, it cannot be prolonged unless you can genuinely afford it, and you can only afford it once your current finances are in order. Getting into debt is NOT a glamorous way to live, and in this instance you cannot ‘fake it until you make it’.
Not always as good as it seems
The glamorous lifestyle is not always what it’s cracked up to be. Earlier this year, former Love Island contestant, Mike Thalassitis, was found hanging after a ‘cocaine and booze’ binge. It is believed that he had a large amount debt building up in order to maintain his new-found celebrity lifestyle. Whilst there are many reasons people may commit suicide, we know that debt is high up on this list, and although it may have been the direct cause of Thalassitis’ death, it couldn’t have helped.