"Main character syndrome": how image economy affects our daily finances

Young people are increasingly prioritizing their online image over financial stability, a trend exacerbated by social media and the concept of "main character syndrome."

A study commissioned by Swedbank reveals that nearly a fifth of young adults (19%) feel pressured to emulate the lifestyles they see on social media. This pressure often leads to impulsive purchases, with 21% admitting to buying items or services seen online, later having to cut back on expenses. Furthermore, 15% used their financial reserves, and 3% even resorted to borrowing money for these purchases.

The "image economy" driven by social media transforms perceived image into a social currency. This phenomenon, often described as "main character syndrome," encourages individuals to view their daily lives as a film where they must be the most compelling character. Consequently, choices about travel, purchases, dining, and leisure become influenced by how they will be perceived by others.

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Our financial decisions have never depended so much on how we look in the eyes of others. Social networks have changed not only communication habits but also consumption logic.

While the desire to present an idealized version of oneself is not inherently problematic, it becomes detrimental when the impression outweighs financial capabilities, negatively affecting financial and sometimes emotional well-being. The true cost is often not the purchase price but the sacrifice of financial balance, the inability to build savings, start investing, or achieve long-term goals, ultimately leading to a loss of financial peace.

Despite understanding the risks, many young people struggle with daily financial decisions. The study indicates that 45% of young adults consider building a financial reserve a top priority. However, the immediate desire to keep up with trends often overrides long-term financial discipline. Consequently, almost a fifth (19%) have no financial reserves, and 26% could survive on their savings for less than a month.

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The biggest price is often paid not at the moment of purchase. Much more important is what we give up because of such decisions – the balance of daily finances, the opportunity to accumulate a larger financial reserve, to start investing, or to achieve other long-term goals faster, and finally, simply financial peace.