FOMO driving credit card debt

New data from Updraft has shown that social media–fuelled travel fear of missing out (FOMO) is the largest driver in credit card debt, with September now emerging as a peak month for overspending.

In a survey of 2,002 UK adults and 274 recent credit card loan recipients, 46% said they overspent this summer after feeling pressured by trips shared on Instagram and TikTok.

Despite already being stretched, with the average Brit adding £1,641 to their credit card debt in the past few months alone (up 21% from last year), many are still booking September getaways.

September travel is up 20% year-on-year, suggesting that holiday FOMO is pushing people to book trips at the very time they can least afford it.

Updraft’s Founder comments on these findings, supported by insights from a psychologist at the British Psychological Society on the pull of “digital FOMO” and its impact on financial behaviour.

Updraft’s research shows just how powerful FOMO has become in driving financial behaviour. The data suggests that the average Brit has added £1,641 to their credit card debt this summer alone — a 21% jump compared to last year.

Nearly half (46%) of Brits admit they overspent and have fallen into credit card debt due to seeing people on holiday on social media, specifically TikTok and Instagram

Other FOMO triggers include joining group trips they couldn’t really afford (29%), festivals and events (12%), summer fashion and beauty trends (8%), and even everyday outings like rooftop bars or beer gardens (5%).

While August marks the end of peak summer holidays, September has increasingly become the “second summer” for many UK travellers. The shoulder season offers cheaper flights, fewer crowds, and still-warm weather in popular European destinations.

New industry data shows bookings for September and October departures are up 20% year-on-year while another report finds 44% of Brits have booked a getaway in the colder season.

Aseem Munshi, Founder of Updraft, said “The travel FOMO sparked by social media is clearly spilling over into the real world. Many Brits are snapping up cheaper September flights, but funding them on credit cards, helping to explain why unpaid balances peak this month. With post-summer debt up 21% year-on-year and at the same time, September travel bookings rising 20%, the picture is clear: holiday FOMO is the driving force behind this financial squeeze.”

Dr. Pavlo Kanellakis, a Chartered member of the British Psychological Society said  “Social media platforms may have essentially weaponised our natural human need to belong and keep up with our social group. When you see friends posting from exotic locations or influencers at exclusive events, your brain may interpret this as evidence that you’re missing out on life. This could create genuine psychological discomfort that people might try to relieve through spending.

“We work with families across wealth levels where teenagers are spending beyond what’s appropriate for their development, trying to match what they see online, and parents are making financial decisions based on what other families in their social network appear to be doing.

“People may frequently post their best experiences, but would not normally show their credit card bills or financial stress. This could promote false impressions that everyone else is living more extravagantly than they actually are, driving unnecessary spending to try to keep up with an illusion.”