Attention: Money 101 will no longer be available after May 31, 2021. After that time the Enrich financial literacy tool will be available at moving forward.

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Spending - Heart Matters


2.  Purchasing Decisions

b. Know the role that peer pressure can play in your purchases (continued)

Who are our peers?
One of the biggest problems with peer pressure today is that the group of people we see as our “peers” is much bigger than it was in the past. We’re comparing ourselves to people with very different financial situations.

In the past, we compared ourselves to the people in our neighborhoods and our communities. Many people weren’t even aware that others outside their community had fancier brands than they had. When people strived for more, their role models were usually attainable.

Today, in the information age, we strive for often unattainable lifestyles. T.V. and magazines show goods and lifestyles that an average American cannot afford. We may even hold the irrational belief that we need outlandishly expensive goods because our favorite star or athlete has them.  Advertising often supports that irrational belief.  As Mark Twain said, “Many a small thing has been made large by the right kind of advertising.”  Be sure that doesn’t include your credit card bill. 


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