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.
Consumers will get stronger protections with a new water watchdog – as trust in water companies takes a record dive.
Environment Secretary Steve Reed will announce today that the government will set up the new water ombudsman with legal powers to resolve disputes, rather than the current voluntary system.
The watchdog will mean an expansion of the Consumer Council for Water’s (CCW) role and will bring the water sector into line with other utilities that have legally binding consumer watchdogs.
Consumers will then have a single point of contact for complaints.
The Department for the Environment, Food and Rural Affairs (Defra) said the new watchdog would help “re-establish partnership” between water companies and consumers.
A survey by the CCW in May found trust in water companies had reached a new low, with fewer than two-thirds of people saying they provided value for money.
Just 35% said they thought charges from water companies were fair – even before the impact could be felt from a 26% increase in bills in April.
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‘We’ll be able to eliminate sewage spillages’
Mr Reed is planning a “root and branch reform” of the water industry – which he branded “absolutely broken” – that he will reveal alongside a major review of the sector today.
The review is expected to recommend the scrapping of water regulator Ofwat and the creation of a new one, to incorporate the work of the CCW.
Image: A water pollution protest by Surfers Against Sewage in Brighton
Campaigners and MPs have accused Ofwat of failing to hold water operators to account, while the companies complain a focus on keeping bills down has prevented appropriate infrastructure investment.
He pledged to halve sewage pollution by water companies by 2030 and said Labour would eliminate unauthorised sewage spillages in a decade.
Mr Reed announced £104bn of private investment to help the government do that.
Victoria Atkins MP, shadow secretary of state for environment, food and rural Affairs, said: “While stronger consumer protections are welcome in principle, they are only one part of the serious long-term reforms the water sector needs.
“We all want the water system to improve, and honesty about the scale of the challenge is essential. Steve Reed must explain that bill payers are paying for the £104 billion investment plan. Ministers must also explain how replacing one quango with another is going to clean up our rivers and lakes.
“Public confidence in the water system will only be rebuilt through transparency, resilience, and delivery.”
A new public inquiry will “uncover the truth” behind the so-called “Battle of Orgreave”, a bloody fight between striking miners and police officers in the 1980s.
One hundred and twenty people were injured in the violent confrontation on 18 June 1984, outside a coal processing factory in Orgreave, South Yorkshire.
Five thousand miners clashed with an equal number of armed and mounted police during a day of fighting.
Police used horse charges, riot shields and batons against the picketers, even as some were retreating.
Image: Masses of miners and police clashed during the day of fighting
Image: Police officers on horses charged against protesters
In the aftermath, miners were blamed for the violence in what campaigners believe was an institutional “frame-up”.
“There were so many lies,” says Chris Peace, from campaign group Orgreave Truth and Justice, “and it’s a real historic moment to get to this stage.”
“There’s a lot of information already in the public domain,” she adds, “but there’s still some papers that are embargoed, which will hopefully now be brought to light.”
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Image: Campaigner Chris Peace
Although dozens of miners were arrested, trials against them all collapsed due to allegations of unreliable police evidence.
Campaigners say some involved have been left with “physical and psychological damage”, but until now, previous governments have refused calls for a public inquiry.
Launching the inquiry today, Home Secretary Yvette Cooper told Sky Newsi that she wanted to “make sure” campaigners now got “proper answers”.
“We’ve obviously had unanswered questions about what happened at Orgreave for over 40 years,” Ms Cooper says, “and when we were elected to government, we determined to take this forward.”
Image: A police officer tackling a miner
Image: A bleeding protester being led away by police during the ‘Battle of Orgreave’
Image: The Bishop of Sheffield, Pete Wilcox, will chair the inquiry
The inquiry will be a statutory one, meaning that witnesses will be compelled to come and give evidence, and chaired by the Bishop of Sheffield, Pete Wilcox.
“I’m really happy,” says Carl Parkinson, a former miner who was at Orgreave on the day of the clash, “but why has it took so long?”
“A lot of those colleagues and close friends have passed away, and they’ll never get to see any outcome.”
Image: Former miner Carl Parkinson
Image: Former miner Chris Skidmore
Mr Parkinson and Chris Skidmore, who was also there that day, were among the group of campaigners informed first-hand by Ms Cooper about the public inquiry at the Orgreave site.
“It wasn’t frightening to start off with,” Mr Skidmore remembers of the day itself, “but then what I noticed was the amount of police officers who had no identification numbers on. It all felt planned.”
“And it wasn’t just one truncheon,” says Mr Parkinson, “there were about 30, or 40. And it was simultaneous, like it was orchestrated – just boom, boom, boom, boom.
“And there’s lads with a split down their heads for no good reason, they’d done nothing wrong. We were just there to peacefully picket.”
Image: Police used riot shields against the picketers, even as some were retreating
Image: In the aftermath of the fighting, miners were blamed for the violence
In the intervening years, South Yorkshire Police have paid more than £400,000 in compensation to affected miners and their families.
But no official inquiry has ever looked at the documents surrounding the day’s events, the lead-up to it and the aftermath.
“We need to have trust and confidence restored in the police,” says South Yorkshire Mayor Oliver Coppard, “and part of that is about people, like this campaign, getting the justice that they deserve.
“Obviously, we’ve had things like Hillsborough, CSE [Child Sexual Exploitation] in Rotherham, and we want to turn the page.”
French equipment manufacturer Manitou has committed to a joint venture with Chinese forklift manufacturer Hangcha that will see the two companies develop and manufacture advanced lithium-ion batteries to support the electrification of the heavy material handler space.
Manitou is well-known in the West, so they need no introduction. Hangcha, though, is arguably just as capable of a company, having opened its first forklift plant in 1956, manufacturing others’ designs under license. They developed their own, in-house material handler in 1974, and have racked up hits ever since. Hangcha is currently the world’s eighth-largest manufacturer of industrial vehicles globally (sounds wrong, but here’s the source).
The plan for the JV is to upgrade the two companies’ deployed fleets of existing lead-acid battery-powered vehicle with longer lasting lithium-ion (li-ion) batteries to expand their operational lifespan. From there, the focus could switch to diesel retrofits and, eventually, the joint development of entirely new products.
“Deepening strategic cooperation with Manitou Group and jointly establishing a lithium battery joint marks a new phase in the partnership between the two sides, which is a milestone in Hangcha global industrial layout,” explains Zhao Limin, Chairman and General Manager of Hangcha Group. “Leveraging Hangcha’s core technological and manufacturing strengths in lithium battery solutions, we will collaboratively enhance solution capability of new energy industrial vehicle power systems. This partnership perfectly aligns with our shared objectives to accelerate electrification transformation and drive sustainable development, while providing robust support to the broader industrial vehicle market.”
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Manitou MHT 12330
MHT 12330 with 72,750 lb. lift capacity; via Manitou.
Once production begins, the joint venture factory will play a key role in supporting Manitou Group’s “LIFT” strategic roadmap. LIFT aims to expand Manitou’s electric vehicle lineup of telehandlers and forklifts, and have EVs account for 28% of total unit forklift sales by 2030. Hangcha Group, meanwhile, has publicly stated its intention to become 100% electric by the end of 2025.
This joint venture plans to recruit employees including engineers, operators, sales representatives and after-sales service technicians. Le Mans Metropole will support the recruitment and local integration and training of future employees.
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