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This Toxic Money Habit Is Becoming More Common — If You've Picked It Up, Your Finances Are at Serious Risk, Expert Warns Kaitlin Walsh-Epstein, chief marketing officer at digital banking platform Laurel Road, reveals the frequent mistake.

By Amanda Breen Edited by Jessica Thomas

Many Americans believe social media offers an inaccurate picture of wealth and success; 57% of social media users say that people post to appear more successful, and 51% of users say that social media depicts "unrealistic lifestyles," according to a 2023 Bankrate survey.

Even so, many of them can't help but get caught up in the cycle of comparison. Between 2022 and 2023, U.S. adults spent $71 billion on "impulse buys" they were influenced to make by social media, per Bankrate's data — a fact that backs up an increase in "money dysmorphia."

Related: These 5 Money Secrets Can Turn Healthy Relationships Toxic, Financial Therapist Warns

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