Half of Brits overspend due to travel FOMO caused by Instagram and TikTok, driving September getaways and credit debt spike
Credit card debt up 21% with social media & holiday FOMO cited as top causes
- Social media is fuelling travel FOMO as nearly half of Brits say Instagram and TikTok posts pushed them to overspend in the past few months.
- Budgets already stretched, with the average Brit adding £1,641 to their credit card debt in the past three months.
- September break bookings are up 20% year-on-year, showing FOMO is still driving trips at the very moment people can least afford them.
- Updraft explains the phenomenon, supported by psychologist insights on the ‘psychology of digital FOMO’.
New data from Updraft shows that social media-fuelled travel FOMO is the largest driver in UK 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.
In fact, September travel is up 20% year-on-year 1, 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.
Social media FOMO is the hidden cause behind September credit debt spikes
Updraft’s research shows just how powerful the “Fear of Missing Out” 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.
The culprit? 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%).
Updraft’s analysis of the past five years shows that unpaid balances consistently peak in September, reflecting the gap between carefree summer spending and the reality of repayments, further fuelled by the surge in shoulder-season travel this month.
September’s “shoulder season” surge in travel
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 1, while another report finds 44% of Brits have booked a getaway in the shoulder season 2.
Aseem Munshi, our Founder at Updraft, experts in helping people pay off credit card debt and manage their consumer credit, explains the correlation between the data:
“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.”
The psychology of “digital FOMO”
Dr. Pavlo Kanellakis, a Chartered member of the British Psychological Society, provides insights into the phenomenon:
“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.”
Final Thought
Want to take control of your money? If you’re looking to consolidate credit card debt and cut down on high interest, download the Updraft app today.
About Updraft
Updraft is an FCA-authorised lender and UK-based fintech aiming to help people swap financial stress for a little more headspace. We blend clever tech with practical tools – including ways to help manage and structure borrowing – designed to make money management feel less like a chore and more like getting your life back on track. Find out more about how we’re rethinking borrowing and money management at updraft.com.
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