Frances Cook

Hey team, look, you don't need me to tell you the social media scroll can be so dangerous for your wallet.

You weren't planning to buy anything, then you were scrolling, and now there's something in your cart.

And this happens to most of us.

The problem isn't actually necessarily that we're bad with money.

The problem is that spending has never been easier

more engineered, frankly, especially when you're online.

And there's some new research out from the Global Fintech Revolut, which really puts some numbers on what most of us already feel.

61% of New Zealanders make purchases on a monthly basis triggered by social media ads.

And the problem is just about half of us then go on to regret that.

It's not that we're stupid.

It's that there's a really big wall for your wallet and some of the tricks used online aren't very fair.

So the lovely team at Breakfast asked me to come on and talk about this research and then not only how the system works, but how we can fight back.

And I dug into that with them.

They were kind enough to say I could put that conversation here for you as well.

So enjoy.

Yeah, and the worst part is as well that almost half of us then go on to regret it.

So, okay, if this is in your budget and it's working out for you, fine.

But if you're then going on to regret it, you're feeling bad and you're thinking, actually, I was supposed to be staying on a budget and it's not working out for me, fine.

That kind of sucks.

And I think the trick here is it's the online shopping, because online shopping, they use something called dark patents, which is all totally legal.