There’s a particular kind of financial anxiety that didn’t really exist a decade ago. It’s the feeling you get when you see someone on Instagram has just renovated their kitchen, someone on TikTok is posting from Amalfi, and someone on LinkedIn has just announced they’ve paid off their mortgage at 34. All before you’ve finished your morning coffee.
That feeling has a name, financial FOMO. And it’s doing real damage to real people’s financial decisions.
The comparison trap is built into the platform
Research from ING found that 38% of Gen Z Australians feel constant pressure to be financially successful, 21% regularly compare their financial journey to curated online portrayals, and 15% feel pressured to pursue side hustles they would rather avoid[1].
This isn’t weakness. It’s the intended outcome of platforms engineered to keep you scrolling, comparing, and feeling like everyone else is further ahead. Almost half of Australians say social media has influenced their purchasing decisions, while 41% actively follow financial content on social platforms. The line between inspiration and anxiety has become very thin.
ING’s research makes the dynamic clear: while digital channels open important conversations and introduce useful budgeting concepts, they also expose people to aspirational content that amplifies unrealistic expectations, high-risk trends, and financial comparison.
The curated highlight reel you’re measuring yourself against isn’t real. Nobody posts their credit card debt, their stressful mortgage repayments, or the inheritance that funded that renovation. You are comparing your entire financial reality to someone else’s curated best moments, and that comparison is never going to be fair.
Staying focused on what matters to you
The antidote to financial FOMO isn’t logging off forever. It’s having a clear enough picture of your own goals that someone else’s choices stop feeling like a verdict on yours.
In my practice, I ask clients a simple question early on: What does a genuinely good life look like for you in ten years? Not what looks impressive. Not what your friends are doing. What would make you feel settled, free, and satisfied?
Once that picture is clear, financial decisions become a lot easier to evaluate. Whether a particular investment, purchase, or life choice moves you toward your version of a good life is a far more useful test than whether it keeps pace with what you’re seeing online.
The Australian Securities and Investments Commission’s (ASIC) advice to Australians is equally applicable here. Take a moment to pause, sense-check, and verify before acting on financial content, especially when it’s delivered by people who may be profiting from your response. That pause is not just about avoiding scams. It’s about asking whether this decision is yours, or whether you’ve been nudged into it by an algorithm.
Building genuine financial confidence
Confidence with money doesn’t come from having the most. It comes from knowing where you stand, understanding your direction, and making deliberate choices rather than reactive ones.
Despite the pressures, 77% of Gen Z Australians intend to set financial goals, which reflects real optimism and genuine determination to improve their situations[2]. That instinct is worth protecting and channelling well.
A written plan, even a simple one, anchors you. It gives you something to return to when the noise gets loud. And today’s noise is very loud.
The goal isn’t to stop caring about money. It’s to care about your money, on your terms.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
[1] https://newsroom.ing.com.au/nearly-9-million-aussies-have-consumed-financial-content-on-social-media-with-gen-z-over-three-times-as-likely-as-gen-x-and-baby-boomers-to-have-done-so/