Fake rich? Affluent millennials are more likely to exaggerate to appear wealthy. Here's what experts say they should do instead
www.cnbc.com
Inflation has prompted even wealthy Americans to curb their spending habits. But affluent millennials still feel pressured to show they're successful.
  • givesomefucks@lemmy.worldEnglish
    171·
    11 months ago

    Yet affluent millennials — with $250,000 to more than $1 million in investable assets — are going to great lengths to appear wealthy.

    Wells Fargo found 29% of affluent millennials admit they sometimes buy items they cannot afford to impress others.

    There’s not many of them, and this isn’t the majority of them…

    But yeah, this has always happened.

    Young wealthy people want to seem like they’re insanely wealthy.

    • bluGill@kbin.social
      72·
      11 months ago

      $1 million isn’t nearly as much or as impressive as it used to be. I’m not saying it isn’t impressive, but inflation has eroded the value (and increased wages). Often those who have $1 million have it locked away in retirement accounts that they cannot touch so they are on paper rich, but in practice don’t have as much today (the savings needed to get that much in assets mean they are living on much less than their peers - thus they appear much less wealthy than their peers who are not saving)