The Millennial generation is most obsessed with ‘appearing rich’

4 min read

Appearing rich, If you fake it until you make it, is it a good thing or a bad thing?

From high housing costs to impending student loans, millennials face the most financial challenges, compared to other generations, according to a report by the New York Post. Despite the challenges, they remain the most money obsessive generation ever, despite struggling economically.

The Wells Fargo study reports that 54% of the respondents said they had been greatly affected by the cost of living crisis as a result of the increasing costs of living, however 59% of those surveyed said they were under the impression that being rich was very important to them.

A comparison of Generation X, the baby boomers, and the silent generation shows that only 35% of people agree that it is a good idea to show off their wealth.

According to Emily Irwin, managing director of consulting and planning at Wells Fargo, the “money dysmorphia” that millennials are experiencing can lead them to becoming so captivated by showing off their wealth that they end up taking on even more debt as a result.

A growing number of people are portraying themselves in a way that doesn’t reflect their actual financial position. Irwin observes that there is a growing trend towards this.

There are some who may even believe that they need to ‘fake it until you make it’ mentality before they can succeed.”

Even more baffling about the study is that it surveyed people who earn at least $250,000 a year, who are referred to as “affluent millennials,” yet these are the ones who feel the need to show off the most. The study shows that “lower-income earners aren’t the only ones struggling with their external image.”

In Wells Fargo’s latest study of high earners in this age group, nearly one-third admitted to buying items that they could not afford in order to impress others or seem like they fit in, as well as 34% confessed to exaggerating their income, savings, and spending in order to appear successful and successful.

Timenews provided that news.

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