Connect with us

Published

on

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.

Continue Reading

Politics

Millionaire former Tory donor defects to Reform

Published

on

By

Millionaire former Tory donor defects to Reform

Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.

Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.

Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.

He added: “He will take Reform UK Scotland to a new level.”

During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.

The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.

“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.

Read more:
Nigel Farage dismisses school racism claims as ‘banter in a playground’
Farage allegations are deeply shocking – but will they deter voters?

“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.

“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.

“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”

The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.

Please use Chrome browser for a more accessible video player

Claims made against Nigel Farage

Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.

Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.

Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.

Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.

A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.

Continue Reading

World

Paramilitary drone attack in southern Sudan kills at least 50 people, including 33 children

Published

on

By

Paramilitary drone attack in southern Sudan kills at least 50 people, including 33 children

At least 50 people, including 33 children, have been killed in southern Sudan after a drone attack by paramilitary forces hit a nursery in South Kordofan state.

Sudan Doctors’ Network says paramedics on the scene in the town of Kalogi were also targeted by the Rapid Support Forces (RSF) in a “second unexpected attack”.

Rights group Emergency Lawyers reported a “third civilian site” near the previous two attacks was also targeted.

The death toll is expected to be higher, but communication blackouts have made it difficult to confirm the full number of casualties.

Emergency Lawyers says the strikes are a “flagrant violation of international humanitarian law, including the protection of civilians, especially children, and vital civilian infrastructure.”

UNICEF has urged both parties to stop the attacks immediately and allow safe access for humanitarian aid.

“Killing children in their school is a horrific violation of children’s rights,” said UNICEF representative for Sudan Sheldon Yett.

“Children should never pay the price of conflict.”

Read more from Sky News
RSF says it has captured Babanusa in West Kordofan
Sudan ‘epicentre of suffering in the world’
Sudan’s paramilitary forces agree to US-led humanitarian ceasefire proposal

The attack on the nursery is among the latest in the two-year conflict between the RSF and Sudan’s military, where the focus has recently shifted to the oil-rich Kordofan states.

A photo released by UNICEF shows displaced children and families from al-Fashir. (Mohammed Jammal/UNICEF via AP)
Image:
A photo released by UNICEF shows displaced children and families from al-Fashir. (Mohammed Jammal/UNICEF via AP)

Hundreds of civilians have been killed in the last few weeks as fighting shifted from Darfur, following the RSF’s violent takeover of the city of Al Fashir, which was marked with civilians being executed, rapes, sexual assaults and other atrocities.

Thousands managed to escape the violence, but thousands more are trapped or feared killed.

Grab from RSF social media channels in Al Fashir, Sudan
Image:
Grab from RSF social media channels in Al Fashir, Sudan

Meanwhile, Sudanese military aerial strikes last weekend killed at least 48 people, mostly civilians, in South Kordofan.

The RSF has also accused the military of carrying out a drone strike on the border with Chad, posting a video showing billowing black smoke.

The Associated Press has been unable to verify the video or whether there were any casualties, while Sudan’s military also hasn’t commented.

The RSF and the Sudanese military have been fighting for power over the country since 2023, which has seen more than 40,000 people killed, according to the World Health Organisation, although the real death toll is expected to be higher. 12 million people have been displaced.

Continue Reading

UK

England and Scotland fans discover where their opening World Cup games will be played

Published

on

By

England and Scotland fans discover where their opening World Cup games will be played

England and Scotland fans have found out where their World Cup group games will be played when the tournament kicks off in June.

England, who are in Group L, will begin their tournament against Croatia in Dallas at 4pm EST (9pm BST) on 17 June. They will then go on to face Ghana in Boston at 4pm EST (9pm BST) on 23 June and Panama in New Jersey, New York, at 5pm EST (10pm BST) on 27 June.

Scotland are in Group C, and their first match will be against Haiti in Boston at 9pm EST on 13 June (2am GMT the following morning).

They will go up against Morocco also in Boston at 6pm EST (11pm GMT) on 19 June and then Brazil in Miami at 6pm EST (11pm GMT) on 24 June.

Fans are expected to rush to sort their travel and accommodation plans now that they know where and when the matches take place.

Read more: Unapologetically political – a World Cup draw like no other

Please use Chrome browser for a more accessible video player

England and Scotland learn World Cup fate

Wales and Northern Ireland have yet to find out if they will qualify.

Wales must face a play-off against Bosnia and Herzegovina in Cardiff, then either Italy or Northern Ireland, if they are victorious.

If they beat these play-off opponents, they will secure their place in Group B alongside Canada, Qatar and Switzerland.

However, Northern Ireland will also be vying to guarantee their spot in the same group if they can beat Italy and then either Wales or Bosnia and Herzegovina.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

Trending