TikTok is making Gen Zers think they’re poor

Even if you’re doing well financially, TikTok has a funny way of making you feel broke. Picture this: You’re earning decent money and have a healthy TFSA, but then you scroll through TikTok and see your high school nemesis knocking back $35 drinks at the Four Seasons in Tokyo. You start wondering, should I be able to afford that too? That cognitive dissonance is something financial advisors call “money dysmorphia,” and social media is making it worse. In fact, Gen Z Canadians are feeling financially strapped more than they have in the past 16 years, even though they actually do have money. Young Canadians are bombarded with people online flaunting their shopping hauls and tropical getaways, and feel pressured to spend more money on things that make them feel rich in comparison. About four in 10 Gen Z and Millennial Canadians choose their travel destinations based on how good the photos will look on social media. Trust us, that grainy, zoomed-in photo of the Mona Lisa won't be worth it in the end.