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Millennials are concerned with social media over finances

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Why worry about your finances when you’re busy worrying about your followers?

Millennials are more likely to care about social media over money management, new research shows.

The study, conducted by OnePoll and partner Upwise, surveyed 2,000 millennials — typically defined as those born between 1981 and 1996 — about how they spend their money and time. Researchers discovered the oft-maligned age group devotes a whopping 150 more hours to social media than they do to managing their bank accounts.

They’re also more likely to play with pets, surf streaming services, care for houseplants or ponder what to eat for dinner longer than they would think about their finances.

Managing money actually fell to the bottom of millennials’ priorities list, ranking last on a list of activities the age group spends time doing.

“Taking control of your finances isn’t just a matter of keeping up with your monthly expenses,” Upwise vice president Jenn Kischell told SWNS. “It’s also about taking a proactive role in managing and developing healthy money habits.”

In terms of fiscal habits, only 27% of millennials confessed to checking their bank accounts once a week, while 45% said they didn’t even know how much money they currently had in their accounts.

Using technology — like phones, tablets or computers — to enroll in auto-pay of bills may be partly to blame.

“People tend to underestimate their expenses, especially when using auto-pay,” said Kischell. “This is why it is essential to take a holistic assessment of your finances on a regular basis.”

“Managing your finances doesn’t have to be as intimidating or overwhelming as it seems.”

Jenn Kischell, Vice President of Upwise

More than half of the respondents said they relied on auto-pay because of the convenience, ability to save money and not having to worry about late payments. Meanwhile, 4 in 5 people said they’d be more likely to make impulse purchases because auto-pay should keep track of their bills.

However, the study found a bright spot amongst those surveyed: Millennials do want to feel more in control of their finances, with a majority of respondents agreeing that developing good financial habits at a young age is important.

“Managing your finances doesn’t have to be as intimidating or overwhelming as it seems,” said Kischell. “Tools such as financial wellness apps can be a powerful resource to help take actions that lead to confidence and a greater sense of control.”

Utilizing financial planners, finance apps or monthly budgets to keep track of debt and savings can curb the frequent splurges and give people control of their finances.

“Everyone deserves to feel good about their finances,” Kischell explains. “Little steps can help free up that next dollar and the good news is that it’s never too late to start.”

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