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

Published

1 year ago

February 26, 2024

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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.

US

Melania Trump threatens to sue Hunter Biden for $1bn over Epstein comments

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1 hour ago

August 14, 2025

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Melania Trump threatens to sue Hunter Biden for bn over Epstein comments

Melania Trump has threatened to sue Hunter Biden for more than $1bn (£736.5m) in damages if he does not retract comments linking her to Jeffrey Epstein.

Mr Biden, who is the son of former US president Joe Biden, alleged in an interview this month that sex trafficker Epstein introduced the first lady to President Donald Trump.

“Epstein introduced Melania to Trump. The connections are, like, so wide and deep,” he claimed.

Ms Trump’s lawyer labelled the comments false, defamatory and “extremely salacious” in a letter to Mr Biden.

Her lawyer wrote that the first lady suffered “overwhelming financial and reputational harm” as the claims were widely discussed on social media and reported by media around the world.

The president and first lady previously said they were introduced by modelling agent Paolo Zampolli at a New York Fashion Week party in 1998.

Mr Biden attributed the claim that Epstein introduced the couple to author Michael Wolff, who was accused by Mr Trump of making up stories to sell books in June and was dubbed a “third-rate reporter” by the president.

The former president’s son doubled down on his remarks in a follow-up interview with the same YouTube outlet, Channel 5 with Andrew Callaghan, entitled “Hunter Biden Apology”.

Asked if he would apologise to the first lady, Mr Biden responded: “F*** that – that’s not going to happen.”

He added: “I don’t think these threats of lawsuits add up to anything other than designed distraction.”

Ms Trump’s threat to sue Mr Biden echoes a strategy employed by her husband, who has aggressively used legal action to go after critics.

Public figures like the Trumps must meet a high bar to succeed in a defamation suit like the one that could be brought by the first lady if she follows through with her threat.

In his initial interview, Mr Biden also hit out at “elites” and others in the Democratic Party, who he claims undermined his father before he dropped out of last year’s race for president.

The letter threatening legal action against Mr Biden is dated 6 August and was first reported by Fox News Digital.

It was addressed to Abbe Lowell, a lawyer who has represented Mr Biden in his criminal cases. Mr Lowell has not yet commented on the letter.

This comes as pressure on the White House to release the Epstein files has been mounting for weeks, after he made a complete U-turn on his administration’s promise to release more information publicly.

The US Justice Department, which confirmed in July that it would not be releasing the files, said a review of the Epstein case had found “no incriminating ‘client list'” and “no credible evidence” the jailed financier – who killed himself in prison in 2019 – had blackmailed famous men.

Politics

Spar rolls out nationwide stablecoin and crypto payments in Switzerland

Published

1 hour ago

August 14, 2025

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Spar rolls out nationwide stablecoin and crypto payments in Switzerland

Spar will launch crypto and stablecoin payments across 300 Swiss supermarkets via Binance Pay and DFX.swiss, marking a retail first for the country.

UK

Man accused of driving into crowds at Liverpool victory parade faces further 24 charges

Published

3 hours ago

August 14, 2025

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Man accused of driving into crowds at Liverpool victory parade faces further 24 charges

A man accused of driving into crowds at Liverpool FC’s title parade faces 24 new charges.

More than 130 people, including children, were injured when Paul Doyle allegedly drove his Ford Galaxy vehicle into hordes of fans at the celebrations on 26 May.

The 53-year-old, of Croxteth, Liverpool, was originally charged with two counts of wounding with intent, two counts of causing grievous bodily harm with intent, two counts of attempted grievous bodily harm with intent, and one count of dangerous driving.

Six of the new alleged offences relate to babies, including one six-month-old and one seven-month-old, proceedings at Liverpool Crown Court heard on Thursday.

The new indictment, which was not read out in court, now has 31 counts relating to 29 victims, aged between six months and 77 years old.

Doyle now faces 18 counts of attempting to cause grievous bodily harm, nine counts of causing grievous bodily harm with intent, two counts of wounding with intent, one count of dangerous driving and one count of affray.

He appeared in court via video link from prison and was in tears.

He did not enter any pleas during the hearing, which lasted around 20 minutes.

The case was adjourned until 4 September, when Doyle is expected to enter pleas.