Learning About the New Social Pressures on Kids: Spending, Social Media, and the “Keep-Up” Effect

At Financial Kid Academy, we’re on a journey of learning, not just about money, but about the influences shaping our modern children’s financial behaviours. The landscape has changed. Today’s influences are algorithmic, emotional, and deeply social, and happening through the complexity of the screens in our children’s hands.

Understanding the New “Keep Up with the Joneses”

The “keep up” mentality used to mean wanting the same shoes, bike, or brand as your neighbour or classmate. Now, it’s driven by what kids see online: influencers, viral products, micro-trends, and peer approval measured in likes and shares.

Algorithms on social media platforms decide what kids see, when they see it, and how often. These algorithms learn from what users click, like, or watch and then feed them more of it. For children and teens, that can mean endless exposure to content promoting lifestyle aspirations, comparison culture, and spending cues wrapped in entertainment.

Why This Matters for Parents

When algorithms prioritize engagement over well-being, kids can internalize unrealistic expectations about money, success, and self-worth. Digital pressures can spill into real-world spending: desires for name brands, fear of missing out on trends, or even early exposure to “investment advice” that isn’t age-appropriate or factually reliable.

o In Canada, recent data show that over 85 % of teens use social media monthly and nearly 90 % of 15- to 34-year-olds are active on social platforms, a digital environment where brand exposure, peer comparison and early investment content can influence real-world financial choices. (Media Technology Monitor, 2023)

A Statistics Canada study found that nearly nine in ten Canadians aged 15-34 use social networking sites, and teens aged 15-19 were the most likely to report feeling envious of others’ lives online. (Statistics Canada, 2021)

The Rise of Finfluencers

The influence doesn’t stop at shopping. A growing number of “finfluencers”, Financial influencers on platforms like TikTok, YouTube, and Instagram, are now shaping how young audiences think about money and investing.

According to the Ontario Securities Commission (OSC) report Social Media and Retail Investing: The Rise of Finfluencers (2025), 35 % of Canadian retail investors said they made a financial decision based on advice from a finfluencer.
Those who acted on that advice were 12 times more likely to have been scammed on social media and 7 times more likely to trust the influencers they follow.

For kids and teens exposed to this content early, it can create false confidence or skewed perceptions of what “investing” really means.

Who Regulates the Influences

Regulation of algorithmic and influencer-driven content is complex.

In Canada, the proposed Online Harms Act (Bill C-63) would require digital platforms to protect children from harmful content and increase transparency about how algorithms recommend or amplify material.
The Canadian Radio-television and Telecommunications Commission (CRTC) has begun to regulate certain “online undertakings,” including how platforms make Canadian content discoverable.
When it comes to finfluencers, there’s no single regulator, but some existing securities laws apply. The Canadian Securities Administrators (CSA) and provincial regulators such as the OSC can act when unregistered individuals give investment advice or promote securities. Firms that partner with influencers must supervise and ensure their content is fair, balanced, and not misleading.

Globally, frameworks such as the EU’s Digital Services Act (DSA) and the UK’s Online Safety Act are setting new standards for transparency and accountability, requiring major platforms to assess and disclose algorithmic risks that may inspire similar rules in Canada.

But for now, technology is evolving faster than policy can keep up. That’s why awareness and critical thinking at home, from understanding what kids see online to discussing how “advice” on social media works, remain the basic forms of protection.

What Parents Can Do

Talk early, talk often. Ask your child what they’re seeing online and how it makes them feel. The more naturally you weave the conversation into everyday life, the more open your child will be when something feels confusing or uncomfortable online.
Decode the digital world together. Explain that algorithms show more of what we interact with, and not necessarily what’s true or balanced. Watch together how quickly a feed starts to repeat similar messages, it can be eye-opening (and sometimes unsettling) to see how quickly patterns form. Notice how the platform keeps suggesting similar content even when you’re not interested. Talk about how this constant repetition is designed to hold attention, not necessarily to educate or inspire. Then, practice tuning the feed:
- Select or mute sources that don’t feel helpful.
- See who starts to follow your new profile, are they real people or questionable accounts?
- Review the profiles together: do they look genuine, or do they post strange or extreme content?
- You can also explore a few digital creators together. Ask: What are they sharing? Why do you think they made that video? How does it make you feel?
  
  This isn’t about criticizing anyone’s livelihood or creativity, it’s about understanding how online content shapes opinions, emotions, and spending habits. Awareness builds resilience.
Build mindful spending habits. Connect online influence to real-world money lessons: budgets, needs vs. wants, and saving for meaningful goals. Reinforce the idea that smart choices are personal and purposeful, not reactionary.
Promote critical thinking. Help them recognize when content is sponsored, manipulative, or designed to trigger emotional reactions. Ask: “Why do you think this post was made?” or “Who benefits if people click or buy this?” These small questions strengthen digital and financial literacy at the same time.
Model balance. Show that value and happiness don’t come from comparison, but from confidence, kindness and informed decisions. When kids see parents question trends and choose balance over impulse, it normalizes thoughtful decision-making.

Why We’re Sharing This

At Financial Kid Academy, we’re learning too. Our goal is to advocate for smarter protections, but also to empower families with knowledge today.

Understanding these pressures helps us nurture a generation of kids who are not just money-smart, but media-smart, emotionally aware, and resilient in the digital age.

💚 Start conversations early. Talk, learn, and take care with investment decisions, and with every click, like, or share.

Sources

Media Technology Monitor. How Canada’s Youth Are Using Social Media (MTM Jr.). Media in Canada, July 14 2023. mediaincanada.com
Statistics Canada. Canadians and Social Media: 2021 Insights. www150.statcan.gc.ca
Ontario Securities Commission. Social Media and Retail Investing: The Rise of Finfluencers. Toronto: OSC, April 22 2025. osc.ca
MediaSmarts. What the Ads Don’t Tell You: Influencer Marketing and Teens. Ottawa: MediaSmarts, 2023. mediasmarts.ca
UNICEF Canada. Global Kids Online Canada Report. Toronto: UNICEF Canada, 2023. unicef.ca

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