People have said that joining Facebook is a bit like having a website run by your boss. Hey Joe, have you done this yet? Why not? You know the drill. Now a Vancouver pollster says many young people blame Facebook for making them so stretched at the bank. The survey says nearly one-third of Canadians under 30 feel pressure from Facebook impedes their ability to meet financial goals. Western Canadians of all ages were significantly more likely to cite Facebook as the problem, encompassing 14% of respondents versus 4% on the East Coast. A story by CANOE quotes Laurie Campbell of Credit Canada Debt Solutions, which commissioned the study in partnership with Capital One. She says that “keeping up with the Joneses” can influence young minds to blow their money carelessly. To mark November as Financial Literacy Month, the study looked at “failure to launch,” defined as an inability to meet financial goals — something 65% of respondents have experienced. On average, Canadians are $45,000 short of their monetary goal, a number that jumps to $79,000 in Western Canada. Campbell’s advice for beating the trend includes tracking expenses and visualizing goals — for example, a photo of a new car on your fridge. Sounds good.
