Study finds half of Americans are experiencing ‘financial FOMO’

Seeking financial growth can come in different forms and, for some, seeing another person’s monetary accomplishments can be a motivational tool for them to achieve their goals.

And an Empower survey finds that 51% of Americans say they have made a monetary plunge either through a purchase or investment because of “financial FOMO,” a fear of missing out on a financial opportunity or experience. 

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The financial services company noted in their survey that some respondents admitted to comparing their financial circumstances to others while on social media, while most people shared that seeing others accomplish financial milestones is the impetus for them to improve their spending habits. 

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Financial ‘FOMO’ high among younger generations

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By the numbers:

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According to the survey, almost 70% Gen Zers say they experience financial FOMO, compared to 57% of Millennials and Gen Xers and 28% of Baby Boomers. Gen Zers (11%) are also more than twice as likely as Millennials to have purchased something within the past week because of financial FOMO.

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What are consumers spending their money on related to financial FOMO?

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Why you should care:

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People experiencing financial FOMO shared in the poll that they are likely to spend money on experiences like dining at restaurants (21%) and travel (18%), but others say it has motivated them to make investments (16%) and spend money on events like concerts (15%). 

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Americans compare their financial situations to others

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Local perspective:

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The survey revealed that 31% of respondents say they compare their financial situations with others while on social media sites, with this act being tied to a sense of optimism with 71% of people admitting in the survey that seeing others achieve their financial milestones inspires them to improve their own money habits. 

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Social media sparks financial optimism for Americans

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Big picture view:

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Social media could be a primary factor in financial FOMO for some. But 57% of Americans say these online platforms help them feel more optimistic about their financial futures, and this percentage is even higher for Gen Zers (78%) and Millennials (70%). 

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The survey shows that Americans feel inspired to enhance their finances by seeing people on social media achieve financial milestones like becoming debt-free (22%), accomplishing financial independence (16%), and building a substantial income stream (15%).

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Among age groups, approximately 86% of Gen Zers, 82% of Millennials 75% of Gen Xers say seeing financial milestones shared online motivates them to upgrade their own financial situations, compared to 48% of Baby Boomers.

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Additionally, about 66% of respondents actively search for financial educational content on social media, like saving and budgeting tips (24%), side hustle inspiration (22%), and advice on reaching long-term financial goals (19%). Moreover, 19% shared that social media encourages them to chase their financial goals and that it makes them feel less alone in their financial struggles.

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Empower conducted its financial survey by polling 1,092 adults ages 18 and older through a third-party panel on March 28, 2025. 

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