Millennials are more concerned with social media than their finances

Millennials are more likely to care about social media over their finances, a new study shows.

Researchers surveyed 2,000 millennials and how they spend their money — and time — discovering that they devote a whopping 150 more hours online than they do to managing their bank accounts.

They’re also more likely to play with pets, surf streaming services, care for houseplants or ponder what to eat for dinner longer than they would thinking about their finances.

“Taking control of your finances isn’t just a matter of keeping up with your monthly expenses,” the vice president of UpWise Jenn Kischell told SWNS. “It’s also about taking a proactive role in managing and developing healthy money habits.”

Managing money actually fell to the bottom of millennial’s priorities list, ranking last on a list of activities millennials spend time doing.

Only 27% of millennials confessed to checking their bank accounts once per week, while 45% said they didn’t even know how much money they currently had in their accounts.

Using technology — like phones, tablets or computers — to enroll in auto-pay of bills may be to blame.

“People tend to underestimate their expenses, especially when using auto-pay,” said Kischell. “This is why it is essential to take a holistic assessment of your finances on a regular basis.”

More than half of the respondents said they relied on auto-pay because of the convenience, ability to save money and not worrying about late payments. Meanwhile, 4 in 5 people said they’d be more likely to make impulse purchases because auto-pay should keep track of their bills.

The study, conducted by OnePoll and partner UpWise, found that millennials want to feel more in control of their finances, with a majority of respondents agreeing that developing good financial habits at a young age is important — although it might be too late now.

“Managing your finances doesn’t have to be as intimidating or overwhelming as it seems,” said Kischell. “Tools such as financial wellness apps can be a powerful resource to help take actions that lead to confidence and a greater sense of control.”

Utilizing financial planners, finance apps or monthly budgets to keep track of debt and savings can curb the frequent splurges and give people control of their finances.

“Everyone deserves to feel good about their finances,” Kischell explains. “Little steps can help free up that next dollar and the good news is that it’s never too late to start.”