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

Published

4 months 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.

Politics

Musk promises ban on Apple, Greenpeace calls for Bitcoin’s PoS, and other news: Hodler’s Digest, June 9-15

Published

3 hours ago

June 15, 2024

admin

Musk promises ban on Apple, Greenpeace calls for Bitcoin’s PoS, and other news: Hodler’s Digest, June 9-15

Elon Musk threatens to ban Apple devices if they integrate with ChatGPT, Greenpeace calls for a shift in Bitcoin’s consensus mechanism, and more.

Environment

Tesla Cybertruck deliveries halted amid problem with giant windshield wiper

Published

3 hours ago

June 15, 2024

admin

Tesla Cybertruck deliveries halted amid problem with giant windshield wiper

Tesla has reportedly halted Cybertruck deliveries amid a problem with the motor of its giant windshield wiper.

The Cybertruck is equipped with the biggest wiper put on a consumer vehicle.

It’s the result of Tesla’s design, which aimed to have a straight line from the front-end all the way to the apex of the roof – resulting in nowhere to hide wipers between the hood and the windshield.

Instead, Tesla opted to have a single giant exposed wiper with a vertical resting position for aerodynamic reasons.

In my review of the Cybertruck, I noted that we had some problems with it, like starting on its own for no reason and staying down as a resting position rather than up. However, I chalked this up as being due to Tesla’s notoriously bad auto windshield wiper system, which is common on all Tesla vehicles – not just the Cybertruck.

[embedded content]

Now, many Cybertruck buyers are reporting that Tesla has delayed their deliveries, indicating a roughly week-long halt on deliveries, and some were told by Tesla that it had to do with the windshield wiper motor (via Cybertruck Owners Club).

Some buyers were told that Tesla would have to replace the windshield wiper motor on all Cybertruck, but this has yet to be confirmed.

No recall notice has been released yet.

Electrek’s Take

As I previously reported, we had some issues with ours last month when reviewing the Cybertruck.

I chalked it up to the terrible Tesla auto wiper, but now that I think about it, it’s possible that it wasn’t that.

Tesla’s auto wipers are known to start when they shouldn’t and don’t start when they should. The Cybertruck’s wipers were doing that, but they were also starting and stopping at the bottom rather than at the top position and just staying there.

I’m not sure if it has to do with this or if it’s completely unrelated. I expect that we will learn more in the next few days.

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

Entertainment

Gordon Ramsay ‘lucky to be alive’ after bike accident

Published

4 hours ago

June 15, 2024

admin

Gordon Ramsay 'lucky to be alive' after bike accident

Gordon Ramsay has said he is “lucky to be alive” after a “really bad accident” riding his bike in the US.

The TV chef, 57, warned his 7.6 million followers on X and 17 million on Instagram to “wear a helmet” after the incident in Connecticut this week.

He thanked the “incredible trauma surgeons, doctors, and nurses” at the state’s private Lawrence and Memorial Hospital, but said he is “most thankful for my helmet that saved my life”.

In a graphic video, he revealed a huge bruise covering much of his torso and said: “I’m lucky to be standing here.

“I am in pain, it’s been a brutal week, but I am sort of getting through it.”

On Instagram, he referred to himself as “looking like a purple potato” but said he “did not break any bones or suffer any major injuries”.

“You’ve got to wear a helmet,” he added. “I don’t care how short the journey is. I don’t care that these helmets cost money, they’re crucial.”

He signed off by wishing people a happy Father’s Day.

“I want to wish you all a happy Father’s Day, but please, please, please wear a helmet. If I didn’t, honestly, I wouldn’t be here now.”

Ramsay became a father for the sixth time in November when his wife Tana gave birth to their son Jesse James Ramsay aged 49.

The couple, who have been married for almost 30 years, are also parents to Megan, Matilda, twins Jack and Holly, and Oscar.

Ramsay is a keen cyclist and has completed several endurance challenges, including triathlons and Iron Mans.

He came under fire during the coronavirus lockdown for travelling to his second home in Cornwall, where he would often film himself cycling long distances.