Most millennials think it's important to 'appear' rich, more than any other generation: study

Published

2 years ago

February 22, 2024

admin

Image-obsessed millennials think it’s important to “look or appear” financially successful more than previous generations — despite many of them struggling with high housing costs, student loanpayments, and compoundingcredit card debt, according to a recent Wells Fargo study.

While 54% of the millennials Wells Fargo surveyed say they’ve been greatly affected by the cost-of-living crisis, 59% of the 28-to-43-year-old age group think it’s important to show off their financial status through the way they dress, the car they drive, and the home they live in.

By comparison, just 35% of Gen Xers, 14% of baby boomers, and 7% of the silent generation feel the same about flaunting their wealth, according to the survey.

This “money dysmorphia,” as dubbed by Intuit Credit Karma, can lead millennials to be so obsessed with flaunting their riches that they bury themselves even deeper in debt, said Emily Irwin, managing director of advice and planning for Wells Fargo.

“Theres a growing trend to present themselves with an image that isnt reflective [of] their actual financial situation,” Irwin told Fortune, which first reported on the survey.

“For some, it could be even be a fake it until you make it mentality.”

What’s even more telling is that Wells Fargo’s study surveyed 1,000 affluent millennials, who make more than $250,000 per year, further proof that lower-income earners aren’t the only ones “grappling with this external image,” Irwin added.

Were living in a world where our net worth seems clickable — anyone can look up what we paid for our homes, handbags, or cars — and, because of this, showcasing a lavish lifestyle can feel more exhilarating than saving,” Irwin told The Post on Thursday.

Wells Fargo found that of the high earners in this age group, nearly one-third buy things they cannot afford to impress others or feel like they “fit in,” while 34% have been guilty of exaggerating their income, savings, or spending to maintain an appearance of financial success.

Irwin suggested millennials reassess how they view their economic situation.

“Tying financial behaviors to short- and long-term goals is the best way to get real about your money story and to make living within your means sexy — on and off TikTok, she said.

That’s not easy. Millennials face the worst economic headwinds in recent history. Stubbornly-high inflation has pushed interest rates to a 22-year high, crippling young would-be homebuyers.

The average interest rate on a 30-year fixed rate mortgage in the US, which is tracked weekly by Freddie Mac, is 6.64% — near a multi-decade high, though the figure has fallen from its 8% peak last October.

Credit card debt is also at an all-time high. Though it’s unclear how many millennials specifically are experiencing borrowing troubles, the Federal Reserve Bank of New York said in its third-quarter report released last November that overall debt levels increased by 1.3% during the three-month period, to $17.29 trillion.

Many millennials are also grappling with student loan payments.

Data from the US Department of Education showed that in October — when payments resumed after a three-year pause — some 40% of the 22 million borrowers did not make their payments.

There are signs that even fewer borrowers made payments in November, despite President Joe Bidens relief programs.

Environment

Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more

Published

1 hour ago

November 21, 2025

admin

Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

Advertisement – scroll for more content

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

[embedded content]

Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Environment

Wallbox pushes new wave of EV chargers across the Mountain West

Published

2 hours ago

November 21, 2025

admin

Wallbox pushes new wave of EV chargers across the Mountain West

Wallbox is ramping up its partnership with distributor Codale Electric Supply to roll out more EV chargers across the Mountain West, a region that’s seeing a rapid escalation of electrification programs and regional highway corridor build-outs.

Codale has become one of Wallbox’s most active distributors over the past two years, helping contractors, developers, and fleet operators procure Wallbox gear while also providing technical support and logistics. Now the two companies are scaling both AC and DC fast charging across Utah, Idaho, Wyoming, and Nevada.

Under the new agreement, Codale will prioritize Wallbox Supernova DC fast chargers and Pulsar Family AC chargers. Codale is already coordinating upgrades of older charging systems and installing new ones across public, commercial, and multifamily sites. Early projects include collaborations with several charge point operators and large commercial portfolios, some of which are rolling out Supernova units in Q4.

The Mountain West has become a hotspot for charging expansion, and Wallbox and Codale say their partnership is designed to keep pace by streamlining installation and improving network reliability.

Advertisement – scroll for more content

Ignasi Alastuey, Wallbox’s chief business officer, said, “This partnership combines Wallbox’s innovation with Codale’s on-the-ground capabilities to rapidly scale charging networks across the Mountain West and set a new benchmark for EV infrastructure growth.”

If you’re looking to replace your old HVAC equipment, it’s always a good idea to get quotes from a few installers. To make sure you’re finding a trusted, reliable HVAC installer near you that offers competitive pricing on heat pumps, check out EnergySage. EnergySage is a free service that makes it easy for you to get a heat pump. They have pre-vetted heat pump installers competing for your business, ensuring you get high quality solutions. Plus, it’s free to use!

Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad

FTC: We use income earning auto affiliate links. More.