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.
The hotly anticipated Spotify Wrapped is revealing our top tracks, artists and albums for 2025.
But how does the streaming service calculate personalised summaries of users’ listening habits and rank the UK’s hottest artists?
Here’s a look at how your data is used.
The platform describes the annual statistics as “a chance to look back on your year in sound”.
It says data is captured between January and mid-November on every account, although it mostly excludes anything streamed in private mode. (Don’t worry, your passion for the Spice Girls can be kept secret.)
Wrapped presents personalised listening statistics, which Spotify calls the “real story of your year of listening”, alongside global figures for comparison.
The streaming service says Minutes Listened reflects the actual time spent listening to audio on the platform.
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Once a user streams at least 30 tracks, Spotify generates a list of Your Top Songs. Similarly, Your Top Artists ranks artists based on total minutes listening to a particular performer.
Other metrics identify the top genres users have played, as well as podcasts and audiobooks ranked by total minutes listened. And if you’ve listened to at least 70% of tracks on a record, you’ll see top albums too.
Spotify also creates Your Listening Age, a guesstimate of your age based on the era of the music “you feel most connected to”.
The streaming service says the statistic is calculated using a five-year span of music which users engaged with more than other listeners of a similar age.
Image: Spotify has been summing up 2025’s most listened to tracks. Pic: Spotify
Swift vs Bunny
Pop superstar Taylor Swift has been named the UK’s most-streamed artist on Spotify for the third year in a row.
But she dropped out of the top spot in the global rankings, coming second to Puerto Rican superstar Bad Bunny, who secured more than 19.8 billion streams. Third was The Weeknd, followed by Drake and Billie Eilish.
Bad Bunny’s LP Debi Tirar Mas Fotos was the most listened-to album worldwide.
Spotify revealed Drake was the UK’s second most-listened to artist, followed by Sabrina Carpenter in third, The Weeknd in fourth, and Billie Eilish in fifth.
Despite being the most listened-to artist, Swift failed to break into the UK’s top five most listened-to songs and albums of the year.
Alex Warren’s Ordinary was the most-streamed song, and Short ‘N’ Sweet, released by Carpenter last year, the top album.
The UK government is being urged to take even stronger action to tackle the ongoing crisis of families unable to afford baby formula milk.
The prime minister backed limited reforms to the market to help parents save money but will not yet support more radical changes.
Sir Keir Starmer confirmed support for better public health messaging to inform parents that cheaper brands are nutritionally equivalent when compared with the most expensive.
A ban on spending store loyalty points on baby formula will also be lifted.
They were among recommendations made by the Competition and Markets Authority which investigated the baby formula industry and described the price rises in recent years as unjustifiable.
Image: A newborn. File Pic: iStock
In the House of Commons the prime minister said: “For too long parents have been pushed into spending more on infant formula.
“They were told they’re paying for better quality and left hundreds of pounds out of pocket.
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“I can announce today that we’re changing that. We will take action to give parents and carers the confidence to access infant formula at more affordable prices, with clearer guidance for retailers on helping new parents use loyalty points and vouchers together.”
It comes two-and-a-half years after a Sky News investigation revealed the extreme measures families were taking to feed their babies.
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Parents described how they had resorted to stealing to feed their infants, some were watering down formula milk or substituting it for condensed milk.
The British Pregnancy Advisory Service described the situation in 2023 as a “national scandal”.
Campaigners told Sky News the UK government needed to go further to address the crisis.
Co-founder of Feed UK Erin Williams told Sky News: “It is progress, they promised to look at this enormous nationwide problem and they have.
“At the moment women are still not routinely getting important information before giving birth – this should be given proactively to everybody and that will be a big win.
“The prime minister though needs to be tougher on the baby formula companies.
“Their marketing claims, their unjustified pricing – it’s stacked against families who just need to feed their babies safely.”
The UK government stopped short of accepting all of the recommendations made by the CMA.
More radical ideas such as a price cap on baby formula are not being considered.
Charities have also told Sky News the situations some families find themselves in have not eased.
Founder of the Hartlepool Baby Bank, Emilie De Bruijn, told Sky News the demand they see from desperate families is “constant and unmanageable”.
She said: “Parents are really feeling the pinch right now, and demands on baby banks are rising and it can feel quite relentless.
“We are pleased to see the extension of the National Breastfeeding Helpline alongside measures such as allowing parents to use points and vouchers.
“It is important that parents are supported to feed their children in whatever way they want and we hope that steps will continue to be taken to reduce the cost of formula and increase understanding that all brands are nutritionally the same.”
Hundreds of UK online safety workers at TikTok have already signed agreements to leave the company, whistleblowers have told Sky News, despite the firm stressing to MPs that the cuts were “still proposals only”.
More than 400 online safety workers have agreed to leave the social media company, with only five left in consultation, Sky News understands.
“[The workers have] signed a mutual termination agreement, a legally binding contract,” said John Chadfield, national officer for the Communication Workers’ Union.
“They’ve handed laptops in, they’ve handed passes in, they’ve been told not to come to the office. That’s no longer a proposal, that’s a foregone conclusion. That’s a plan that’s been executed.”
Image: Moderators gathered to protest the redundancies
“Everyone in Trust and Safety” was emailed, said Lucy, a moderator speaking on condition of anonymity for legal reasons.
After a mandatory 45-day consultation period, the teams were then sent “mutual termination agreements” to sign by 31 October.
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Sky News has seen correspondence from TikTok to the employees telling them to sign by that date.
“We had to sign it before the 31st if we wanted the better deal,” said Lucy, who had worked for TikTok for years.
“If we signed it afterwards, that diminished the benefits that we get.”
Image: Three former moderators at TikTok have spoken to Sky News on camera
Despite hundreds of moderators signing the termination contracts by 31 October, Ali Law, TikTok’s director of public policy and government affairs for northern Europe, said to MPs in a letter on 7 November: “It is important to stress the cuts remain proposals only.”
“We continue to engage directly with potentially affected team members,” he said in a letter to Dame Chi Onwurah, chair of the science, innovation and technology committee.
After signing the termination contracts, the employees say they were asked to hand in their laptops and had access to their work systems revoked. They were put on gardening leave until 30 December.
“We really felt like we were doing something good,” said Saskia, a moderator also speaking under anonymity.
“You felt like you had a purpose, and now, you’re the first one to get let go.”
Image: TikTok moderators and union workers protested outside the company’s London headquarters in September
A TikTok worker not affected by the job cuts confirmed to Sky News that all of the affected Trust and Safety employees “are now logged out of the system”.
“Workers and the wider public are rightly concerned about these job cuts that impact safety online,” said the TUC’s general secretary, Paul Nowak.
“But TikTok seem to be obscuring the reality of job cuts to MPs. TikTok need to come clean and clarify how many vital content moderators’ roles have gone.
“The select committee must do everything to get to the bottom of the social media giant’s claims, the wider issues of AI moderation, and ensure that other workers in the UK don’t lose their jobs to untested, unsafe and unregulated AI systems.”
Image: Moderators and union representatives outside TikTok’s offices
When asked if the cuts were in fact a plan that had already been executed, Mr Law said there was “limited amounts” he could directly comment on.
TikTok told us: “It is entirely right that we follow UK employment law, including when consultations remained ongoing for some employees and roles were still under proposal for removal.
“We have been open and transparent about the changes that were proposed, including in detailed public letters to the committee, and it is disingenuous to suggest otherwise.”
The three whistleblowers Sky News spoke to said they were concerned TikTok users would be put at risk by the cuts.
The company said it will increase the role of AI in its moderation, while maintaining some human safety workers, but one whistleblower said she didn’t think the AI was “ready”.
“People are getting new ideas and new trends are coming. AI cannot get this,” said Anna, a former moderator.
“Even now, with the things that it’s supposed to be ready to do, I don’t think it’s ready.”
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12:04
Is TikTok improving safety with AI?
Lucy also said she thought the cuts would put users at risk.
“There are a lot of nuances in the language. AI cannot understand all the nuances,” she said.
“AI cannot differentiate some ironic comment or versus a real threat or bullying or of a lot of things that have to do with user safety, mainly of children and teenagers.”
TikTok has been asked by MPs for evidence that its safety rates – which are currently some of the best in the industry – will not worsen after these cuts.
The select committee says it has not produced that evidence, although TikTok insists safety will improve.
“[In its letter to MPs] TikTok refers to evidence showing that their proposed staffing cuts and changes will improve content moderation and fact-checking – but at no point do they present any credible data on this to us,” said Dame Chi earlier this month.
“It’s alarming that they aren’t offering us transparency over this information. Without it, how can we have any confidence whether these changes will safeguard users?”
Image: Dame Chi Onwurah speaks at the House of Commons. File pic: Reuters
TikTok’s use of AI in moderation
In an exclusive interview with Sky News earlier this month, Mr Law said the new moderation model would mean TikTok can “approach moderation with a higher level of speed and consistency”.
He said: “Because, when you’re doing this from a human moderation perspective, there are trade-offs.
“If you want something to be as accurate as possible, you need to give the human moderator as much time as possible to make the right decision, and so you’re trading off speed and accuracy in a way that might prove harmful to people in terms of being able to see that content.
“You don’t have that with the deployment of AI.”
As well as increasing the role of AI in moderation, TikTok is reportedly offshoring jobs to agencies in other countries.
Sky News has spoken to multiple workers who confirmed they’d seen their jobs being advertised in other countries through third-party agencies, and has independently seen moderator job adverts in places like Lisbon.
Image: John Chadfield, national officer for technology at the Communication Workers Union
“AI is a fantastic fig leaf. It’s a fig leaf for greed,” said Mr Chadfield. “In TikTok’s case, there’s a fundamental wish to not be an employer of a significant amount of staff.
“As the platform has grown, as it has grown to hundreds of millions of users, they have realised that the overhead to maintain a professional trust and safety division means hundreds of thousands of staff employed by TikTok.
“But they don’t want that. They see themselves as, you know, ‘We want specialists in the roles employed directly by TikTok and we’ll offshore and outsource the rest’.”
Mr Law told Sky News that TikTok is always focused “on outcomes”.
He said: “Our focus is on making sure the platform is as safe as possible.
“And we will make deployments of the most advanced technology in order to achieve that, working with the many thousands of trust and safety professionals that we will have at TikTok around the world on an ongoing basis.”
Asked specifically about the safety concerns raised by the whistleblowers, TikTok said: “As we have laid out in detail, this reorganisation of our global operating model for Trust and Safety will ensure we maximize effectiveness and speed in our moderation processes.
“We will continue to use a combination of technology and human teams to keep our users safe, and today over 85% of the content removed for violating our rules is identified and taken down by automated technologies.”
*All moderator names have been changed for legal reasons.