ANALYSIS: Using “fear of missing out” (FOMO) for profit is probably as old as civilization itself.

Families huddled in cold caves would look with envy on their fellow villagers singing and dancing by the fire. There, in the warm glow, Og the Opportunist awaits to sell dreams of cooked meat and stylish fur hides.

Maybe it didn’t happen exactly that way but the power of FOMO to separate us from our money is stronger than ever with the advent of social media. That’s why RateHub decided to release its first ever Cost of #FOMO report.

The survey found the bulk of respondents (70 per cent) attribute a quarter of their total debt to FOMO spending. Few people would admit to being so heavily influenced by such a shallow motivation, so the number is probably higher.

Here are some of the other key results:

• 25 per cent of respondents admit FOMO is their main motivation to shop.
• Of that 25 per cent, nearly half are millennials (25 to 34 years). Half of those millennials feel the fear of missing out when on social media.   

That’s not surprising considering millennials are the demographic most inundated by marketing since their birth. Simple peer pressure has turned into a relentless onslaught of messages saying you are not a complete person unless you buy a certain product or experience.   

The survey found the top spending sources are entertainment (31 per cent) and travel (24 per cent).

That’s not to say consumers are complete victims. It found 38 per cent of Canadians would not give up social media because of FOMO.

Dale Jackson is BNN's Personal Investor. Follow him on Twitter @DaleJacksonPI