39% of 18-34 y.o.’s Overspend to keep up with Friends

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by Zfriske

Article.

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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