Social media pressure from brands to spend is negatively impacting the mental wellbeing of young people, who increasingly turn to social platforms for financial advice.

A recent report by MoneySuperMarket reveals that more than half of young adults are more concerned about their finances now than they were a year ago, with serious repercussions for their mental health.

A quarter of 18-24-year-olds are in debt, with 10% reporting suicidal thoughts or self-harm as a result. Over half (52%) attribute their financial stress to the pressure of keeping up with influencers on social media, while 40% have encountered adverts promoting credit options.

The report also highlights that two-thirds of young adults believe brands have a key role to play in educating about debt. Social platforms like TikTok and Instagram are becoming more common sources of financial information for this demographic.

Simon Gunning, CEO of suicide prevention charity Campaign Against Living Miserably (CALM), warns: "There is a clear link between debt and suicidal thoughts. Young people are 77% more likely than the general population to experience such thoughts due to money worries, and with many in debt, these figures are deeply concerning."