Social media impacts consumers’ spending habits, according to a new study by Bankrate, with nearly half of users admitting to making an impulse purchase based on a sponsored post.

But 64% of social media users who made an impulse purchase from an advertisement regretted at least one purchase. And those purchases “can often harm our finances more than benefit our lives in the way we thought they would from social media,” says Foster.

Comparison is at least partly to blame: 47% of Gen Z and 46% of millenials report feeling negatively about their own financial situation because of another person’s social media post, as did 31% of Gen X and 22% baby boomers.

“Younger generations have grown up with social media, or they’ve watched social media grow and evolve with them,” says Foster, so it is easier to understand why they are more heavily impacted by other’s content.

The youngest generations are impacted as well. More than 64% of parents with minor children that log onto social media believe the content online has contributed to their kids having unrealistic expectations about money.

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