by Zfriske
Methodology:
- Online survey of 1,045 U.S. consumers between the ages of 18 and 34 during February and March 2018.
- Avg Debt Calculation = Total debt across U.S. 18-34 y.o. members of Credit Karma (CK) for March 2018 divided by total number of U.S. millennial CK members for the same month.
Summary:
Key Findings:
- 39% of respondents spent money they didn’t have to keep up with their friends.
- 73% of those who went into debt to keep up with their friends typically keep it a secret from their friends.
- 27% of respondents don’t feel comfortable saying “no” when one of their friends suggests an activity they can’t afford.
- Two-thirds of respondents feel buyer’s remorse after spending more than they had planned to on a social situation that they later regret.
- 36% of respondents doubt they can keep up with their friends for another year without going into debt.
- How much do millennials spend?* Amount spent over the weekend|** % of respondents** :–|:– $100 or less|69% $101-$250|15% $251-$500|16% Over $500|7%
Does not take into account COL differences.
Discussion: Inherent issues with sample collection; otherwise interesting article to begin a discussion on life style creep and modern take on the adage “Keeping up with the Jones”
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