Should be "... social media affects our lives."

Some English speakers get this wrong too! In most common usage “effect” is a noun: The film had cool special effects. The effect of climate change has been harsh winters. And “affect” is a verb. His bad mood affected me Climate change has affected the weather. The exceptions and less used versions are: “Affect” (n.) - as a psychology term meaning expression of a mood: “The patient had a blank affect and did not flinch when surprised by the loud sound” “Effect” (v). The activist attempted to effect change by protesting. (To cause to happen) More info: https://web.ku.edu/~edit/affect.html Like I said, many native speakers of English get this wrong.