Are you missing out on the BOGO? Or is that just your FOMO?

Answer: 60% of people make purchases because of FOMO, mostly within 24 hours.

Questions:

• What is FOMO? How would you describe it?
• Have you ever experienced FOMO? How has it ever impacted your spending behavior?
• How can you avoid overspending due to social factors like FOMO?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Trust Pulse):

What Is FOMO?
FOMO, or fear of missing out, is the feeling of anxiety that a person experiences when they think they’re missing out on something. Generally, these feelings are caused by seeing posts on social media. However, it’s often triggered during online shopping experiences as well.

--------------

Check out the NGPF Activity, ANALYZE: FOMO & Herd Mentality in Advertisements to discuss this topic further with your students. 

--------------

To receive the Question of the Day in your email inbox, subscribe to the NGPF Blog.

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

More posts by Ryan