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Not All Social Media Comparison Is Bad for Your Financial Health

Sarah Newcomb, Morningstar's director of behavioral science, discusses the pandemic's impact on financial habits and the effect of social media on financial well-being.

Sarah Newcomb, Morningstar's director of behavioral science, joined The Long View podcast this week to discuss financial literacy, education, and wellness--and the pace at which behavioral science is permeating the investing industry.

Newcomb further offered her thoughts on the efficacy of "rules of thumb," the best timing for financial education, changes to saving and spending habits during the pandemic, and how social media influences financial well-being. Emphasizing the significant difference between aspirational comparison and evaluative comparison, Newcomb explained that not all social media comparison is detrimental or demoralizing.