Breaking The Cycle: Why Missing Out Is More Than Just FOMO For Black Americans – Essence

The idea of “missing out” has become a major theme for younger generations.

But while “Fear of Missing Out” (FOMO) is a psychological trend driven by social media, the more sobering reality is that many Americans, especially Gen Z and Millennials, are being “Forced to Miss Out” (FTMO) due to outdated pay cycles.

According to a recent survey by Chime, a leading banking platform, delayed access to paychecks is significantly impacting social lives, family gatherings, and even essential purchases. While it may sound like a modern inconvenience, the ripple effect of FTMO is deeply personal and far-reaching, especially within Black communities.

It’s not just about missing the next brunch or a Friday night out—41% of Gen Z and 40% of Millennials report missing birthdays, while 45% of all Americans admit they’ve missed major family gatherings, even holidays, because their paycheck didn’t hit their account on time. Black Americans are particularly vulnerable due to existing wealth gaps, and missing out on these moments can deepen feelings of exclusion and isolation.

Chime’s survey reveals that nearly 60% of Gen Z workers and 54% of Millennials have had to decline social or life events because they were waiting for a paycheck. These are formative years, when connections, both personal and professional, play a huge role in shaping one’s future. Missing out due to financial timing can have long-term effects on relationships and mental health, as people are often forced to choose between staying financially afloat and being present for life’s meaningful moments.

Historically, biweekly or monthly paychecks have been the norm, but they don’t account for the immediate, often urgent needs of everyday life. For many Black families already dealing with the racial wealth gap and other systemic issues, this “paycheck paradox” becomes a heavier burden. Over 57% of Americans who missed a product purchase or essential service in the last six months said these needs were unplanned but urgent. Think about the stress of needing a car repair or fixing a home appliance, but having to wait days for the next paycheck. This is a reality for millions who don’t have the financial cushion to bridge the gap.

With nearly 1 in 5 Americans saying their pay cycles interfere with their social lives, it’s clear that the issue extends beyond just inconvenience. Social gatherings are a vital aspect of mental well-being, especially in Black communities where communal support is key to resilience. Yet, more than 31% of Gen Z and 29% of Millennials, many of whom are still building their careers, report that delayed payments directly affect their ability to show up for these critical social moments.

One coping mechanism many turn to is credit. Over half of the Americans who have missed out on key moments due to paycheck delays turned to credit cards as a safety net. But relying on high-interest loans to keep up with life’s demands only exacerbates the financial strain. For Black women, who often bear the dual burden of being primary earners and caregivers, the added pressure of mounting debt can be overwhelming.

This cycle of relying on credit not only contributes to long-term financial instability but also perpetuates the wealth gap. Even when it comes to essential services like healthcare, families are forced to choose between accruing debt or waiting for payday.

To help mitigate this growing issue, Chime has introduced MyPay™, a feature that allows members to access up to $500 of their pay in advance, without fees, credit checks, or interest. For many, this feature can mean the difference between being present for a child’s birthday or missing out yet again. The goal is to put financial power back into the hands of working Americans and allow them to live more fully in the present, rather than constantly planning around paycheck delays.

Chime’s MyPay™ feature is a game-changer for those living paycheck to paycheck, especially within Black communities where systemic financial challenges are already at play. With tools like this, more people can break the cycle of FTMO and take control of their financial futures—no credit card required.