The research also found that they have more friends than people who are less interested in possessions.
Materialistic people use Facebook to both achieve their goals and feel good, according to the study.
"Materialistic people use Facebook more frequently because they tend to objectify their Facebook friends - they acquire Facebook friends to increase their possession," Phillip Ozimek, from the Ruhr-University Bochum in Germany.
"Facebook provides the perfect platform for social comparisons, with millions of profiles and information about people. And it's free - materialists love tools that do not cost money!" said Ozimek.
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The results suggested that the link between materialism and Facebook activity can be partly explained by materialists displaying a stronger social comparison orientation, having more Facebook friends, and objectifying and instrumentalising their friends more intensely.
Researchers replicated the approach with a separate sample of 289 Facebook users, containing fewer students and more males than the first sample, and they reached the same conclusions.
For materialists, Facebook is a tool to learn how far away they are from their goal to become wealthy.
The researchers emphasise that their results should not cast social media in a negative light; instead, they assume people use platforms like Facebook to feel good, have fun and achieve their goals.
"Social media platforms are not that different from other activities in life - they are functional tools for people who want to attain goals in life, and some might have negative consequences for them or society," Ozimek said.
Disclaimer: No Business Standard Journalist was involved in creation of this content