... into the debt trap. Why Do Millennials Live on Credit? Social Pressure and the Influence of Social Media Instagram, TikTok, and other platforms create an illusion of a successful life, where a beautiful image is more important than actual wealth. A Bankrate study revealed that 39% of millennials make expensive purchases for the sake of social media content, even if they cannot afford them. In the pursuit of an ideal image, individuals buy expensive gadgets, luxury brand clothing, and travel without ...