Millennials and Generation Z were born into an age where social media and digital technology have been integrated in nearly all aspects of their lives. While social media has proven to be a valuable communication tool in connecting with each other and sharing information, the long-term psychosocial effects are beginning to become more apparent as social media matures. This study analyzes what these effects are and how communication is impacted for these young people. It questions how young people can leverage social media and decrease harm. The study will be conducted through a literature review and analysis. Its goal is to synthesize the current knowledge on social media well-being and how it relates to young people, specifically Millennials and Generation Z, in order to ultimately recommend strategies to optimize well-being in the digital age