Young adults are more likely to admit they are “obsessed” with chasing after the high life, according to a new survey by Credit Karma and Intuit.
The survey conducted by Qualtrics on behalf of Intuit Credit Karma in December 2023, found 44% of Generation Z and 46% of Millennials say they are “obsessed with the idea of being rich,” compared to 27% of all Americans.
Advertisement
A similar number of young adults reported experiencing “money dysmorphia,” which the survey described as “having a distorted view of one’s finances that could lead them to make poor decisions.”
As economic conditions remain uncertain in 2024, the survey also found that 59% of Millennials and 48% of Gen Z feel behind on their financial goals.
Financial experts described how social media, among other factors, has contributed to feelings of discontentmentamong some young adults.
Millennials and Gen Z were the first adults to grow up on social media and websites like YouTube where they are being “unconsciously sold to, 24 hours a day,” money coach Lisa Chastain told Fox News Digital.
While a desire to reach a certain social status is nothing new, the rise of “influencers” has led younger generations to desire the kind of freedoms these social media stars appear to have in their lifestyles and with their finances.
“Their value systems align with less work and more free time,” Chastain described.
These generations also don’t want to “work their lives away” and still experience financial hardships, like they saw their parents and grandparents experience.
nypost.com
The survey conducted by Qualtrics on behalf of Intuit Credit Karma in December 2023, found 44% of Generation Z and 46% of Millennials say they are “obsessed with the idea of being rich,” compared to 27% of all Americans.
Advertisement
A similar number of young adults reported experiencing “money dysmorphia,” which the survey described as “having a distorted view of one’s finances that could lead them to make poor decisions.”
As economic conditions remain uncertain in 2024, the survey also found that 59% of Millennials and 48% of Gen Z feel behind on their financial goals.
Financial experts described how social media, among other factors, has contributed to feelings of discontentmentamong some young adults.
Millennials and Gen Z were the first adults to grow up on social media and websites like YouTube where they are being “unconsciously sold to, 24 hours a day,” money coach Lisa Chastain told Fox News Digital.
While a desire to reach a certain social status is nothing new, the rise of “influencers” has led younger generations to desire the kind of freedoms these social media stars appear to have in their lifestyles and with their finances.
“Their value systems align with less work and more free time,” Chastain described.
These generations also don’t want to “work their lives away” and still experience financial hardships, like they saw their parents and grandparents experience.
Nearly half of Millennial, Gen Z experiencing ‘money dysmorphia’ – here’s why that can spell disaster for their wallets
Young adults are more likely to admit they are “obsessed” with chasing after the high life, according to a new survey by Credit Karma and Intuit.
nypost.com
.
from celebrities faking it til they make it, which makes regular people think that is the norm when its really not.
