Fear of Missing Out (FOMO) on Social Media and Financial Behaviors: A Phenomenological Study of Millennial Overseas Filipino Workers in Singapore

Abstract

This research explored the lived experiences of millennial Overseas Filipino Workers (OFWs) in Singapore, focusing on how they experience and make sense of the Fear of Missing Out (FoMO) phenomenon on social media and how it shapes their financial behaviors. Employing a phenomenological approach, the study delved into the actual experiences of OFWs, illustrating how FoMO shaped their financial decision-making and practices.

Through semi-structured interviews with four purposefully selected millennial OFWs, the research revealed that FoMO significantly shaped their financial decisions. Participants shared specific instances where FoMO led to impulsive spending and investment choices driven by social media. Despite higher earnings, these behaviors frequently resulted in financial insecurity, compounded by cultural and familial expectations.

The study underscored the need for tailored financial literacy interventions that address FoMO, integrating financial education with strategies to mitigate its impact. Policymakers are urged to incorporate comprehensive financial education programs during pre-departure orientations for OFWs to better prepare them for financial challenges abroad.