Canadians spend an average of two hours a day scrolling social media, and with that comes social media influencers. It’s not surprising that some look to their recommendations when making spending decisions, even if it means spending above their means. This observation, drawn from the latest study by Doane Grant Thornton, points to a growing financial vulnerability hidden inside the infinite scroll. To discuss how social media can affect your wallet, Freida Richer, licensed insolvency trustee at Doane Grant Thornton, joined Global News Morning Edmonton to share the firm’s findings and offer practical guidance for consumers caught in the crosshairs of targeted advertising, aspirational lifestyles, and frictionless checkout. In an era where every feed is a curated window into other people’s spending habits, Richer’s message is both timely and urgent: the platforms we check dozens of times a day are quietly reshaping how we think about money, often in ways that undercut our long-term financial health. The conversation opened with the stark reality of time spent online, then moved into the subtle yet powerful ways influencer content converts attention into purchases, and finally landed on what consumers can do to protect themselves from the digital pressures to overspend.
The study, which surveyed Canadians’ attitudes toward social media and money, reveals a pronounced disconnect between perceived financial security and actual household debt. According to Richer, social media is no longer just a space for connection; it has become a high-velocity marketplace where traditional advertising, peer recommendations, and entertainment blur into a single stream of consumption cues. Many Canadians, the research suggests, have made purchases after seeing an influencer demonstrate a product, even when that purchase was not in their budget. The pervasiveness of these ads—often disguised as authentic lifestyle content—normalizes spending and creates a constant low-level anxiety that one is falling behind. Younger demographics, particularly those aged 18 to 34, appear most susceptible, having grown up with social platforms as their primary source of information and social reinforcement. But the impact is not limited to the young; the study found that even older adults are increasingly influenced by online personalities, especially in categories like fitness, home organization, and personal finance. What stands out in the data, Richer explained, is that the problem is not simply that people see products they like—it is that the platforms are engineered to dwell on desire, making impulsive purchasing feel like a solution to a vague but persistent dissatisfaction.
Richer dug deeper into the psychological mechanics at play during the Global News Morning Edmonton segment. One of the key drivers is “social proof”: when a trusted influencer recommends a product, it carries more weight than a traditional commercial because it feels like a recommendation from a friend. The visual nature of social media also makes products appear more tangible and desirable, while the seamless integration of shopping links reduces the friction between seeing an item and owning it. But speed brings financial regret. The study’s findings indicate that many respondents reported feeling remorse after buying something they saw online, and that impulse purchases often went onto credit cards or buy-now-pay-later services, spreading the cost over weeks or months. Richer noted that these deferred payments are especially dangerous because they mask the real impact of spending, and the accumulation of multiple small instalments can quickly surpass a person’s monthly cash flow. Additionally, the emotional context of scrolling—whether boredom, loneliness, or stress—makes people more likely to shop as a form of mood repair. The algorithms, she explained, are designed to learn which emotional triggers prompt engagement, and consequently, they serve content that pushes toward the next click, the next swipe, and the next sale. The result is a cycle that looks innocent at the start but can lead to significant financial strain, and eventually, in the worst cases, insolvency.
Social media-driven overspending does not occur in a vacuum; it interacts with existing financial habits and broader economic pressures. Richer pointed to signs that an online spending habit is becoming a problem: using credit cards to cover purchases that used to be paid with debit, paying only the minimum balance while continuing to shop, avoiding opening bank statements, and feeling defensive or secretive about purchases. The study also highlighted the rise of “deal communities” and limited-time drops, which cultivate a fear of missing out and push users to circumvent their own budgets. For Canadians already facing rising costs of living, housing expenses, and stagnant wages, this added layer of consumer pressure can be the tipping point into debt they cannot manage. Richer spoke about meeting with clients who had accumulated thousands of dollars in debt tied to products they had seen on social media, from designer clothing and electronics to subscription boxes and home décor. While these items provided a momentary lift, the payments stretched for months, and in some cases, the debt forced major life decisions such as delaying retirement, borrowing from family, or filing a consumer proposal. The emotional toll was equally significant: shame, anxiety, and a sense of losing control. It is a sobering reminder, she said, that what appears to be harmless entertainment can have real-world consequences that reach far deeper than a credit card statement.
But the study is not purely doom and gloom; it also offers a road map for resilience. Richer’s advice to Canadians begins with a simple but powerful change: bring mindful awareness to every purchase. Before clicking “buy,” she recommends asking why the item is desirable and whether it aligns with one’s actual financial goals. Another effective strategy is to impose a mandatory waiting period—at least 24 hours, but ideally 72 hours—between seeing an item and purchasing it. This disrupts the impulse loop and gives the emotional part of the brain time to quiet. She also suggests unfollowing accounts that create pressure to keep up, and instead curating feeds with content that supports financial well-being, such as budgeting tips or slow-living influencers. On the practical side, removing saved credit card information from online stores and using cash or debit for discretionary purchases creates friction that discourages unplanned spending. For those already struggling with debt, Richer emphasizes the importance of early intervention. A licensed insolvency trustee can provide an honest assessment of one’s financial situation and explain options like debt management programs, consumer proposals, or bankruptcy—without judgment. The key, she notes, is not to wait until creditors are calling. Recognizing the influence of social media is the first step; building a budget that accounts for non-essential spending and setting clear limits for browsing time are equally important. The goal is not to eliminate pleasure or connectivity, but to ensure that digital life serves one’s real life rather than undermining it.
As the interview on Global News Morning Edmonton drew to a close, Freida Richer left audiences with a thought-provoking takeaway: social media is a tool, and like any tool, it can be used wisely or recklessly. The study’s findings do not suggest that influencers are to be avoided at all costs, nor that all online shopping is bad. Rather, they call on Canadians to sharpen their critical thinking and reclaim control over their financial choices. In a media ecosystem where every post is a pitch, financial literacy is a necessary filter. The two hours a day we spend scrolling could be redirected toward learning, connecting, or simply resting—not toward silently accumulating a spending habit we cannot afford. Richer’s expertise, grounded in years of helping people rebuild from debt, reinforces a message of empowerment: it is possible to enjoy social media without letting it dictate our finances. The first step is acknowledgment, the second is action. Whether that means setting a screen-time limit, unsubscribing from marketing emails, or booking a consultation with a trustee, the power rests with the individual. As the firm’s study makes clear, awareness is the antidote to influence. With inflation, housing costs, and everyday expenses continuing to strain household budgets, the decision to be intentional about online consumption is more than a lifestyle trend—it is an essential pillar of financial health. And for Canadians who have already slipped into debt because of the scroll, the best time to seek help was yesterday; the next best time is today. In a world designed to make us want more, finding contentment within our means is not only revolutionary—it is financially life-changing.
