How to Overcome Financial Peer Pressure at All Stages of Life
Financial Planning Standards Council
FPSC’s 2018 Money and Mental Health survey revealed that millennials aged 18 to 34 and parents with young children were most likely to feel pressure to “keep up” with the way their peers were spending money. And more than one fifth of all Canadians admitted to feeling financial peer pressure.
Cynthia advises her clients to map out their short-, medium- and long-term goals, and to buy the things that matter to them rather than impulse spending. Setting goals helps to keep her client’s hands out of their wallets for things they don’t need, if they know that buying those things comes at the cost of the goals they’ve set for themselves. “You have to choose the things that matter and forget about everything else,” she says.