It may be free to open an account on Twitter or Facebook, but social media usage could actually be costing parents, pushing them to shed extra dollars on items they don’t need.
According to a recent survey from Credit Karma, 53% of parents go into debt to purchase nonessential items or experiences for their kids. A majority of parents (61%) feel pressured into paying for extras; seeing other moms and dads buying such items on social media can influence their family’s purchases.
One-fourth (25%) of those surveyed admitted to having spent on nonessentials for their children after seeing other parents do the same online. Further, 23% of respondents said they made more than one purchase annually with the express purpose of posting photos of their kids and family on social media.
Meanwhile, the report featured some good news for footwear brands: 92% of parents view new kids’ shoes as a must-have. Most parents view designer duds as unnecessary, however 87% of respondents called them nonessentials.
About half of respondents (47%) said they dropped more than $500 yearly on extras for their kids, with 53% accruing debt to fund nonessentials.
On behalf of Credit Karma, Qualtrics surveyed 1,000 U.S. parents older than 21 for this report. Most of the parents polled had kids under 18.
Watch the video below to see Instagram influencer Arielle Charnas discuss motherhood, where to shop for kids and more.
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