Recently Charles Schwab completed its 2019 Modern Wealth Survey. After polling individuals 23 to 38 years of age, the study concluded that millennials are farther into debt than previous generations, they are living paycheck to paycheck, and spending is out of control.
The study found that two thirds of millennials say that money is a major source of stress. Almost two-thirds of millennials say they’re living paycheck to paycheck and only 38% feel financially stable. Yet millennials also say they spend an average of $478 a month on “nonessential” purchases, such as dining out, entertainment, luxury items and vacations.
Spending is also far more encouraged, and much easier to do with social media and technology at our finger tips. Gone are the days where we needed to make the decision to get in the car and go shopping. Last year e-commerce sales grew 15% with over 72% of those transactions being made from a smart phone or tablet. Internet retailers were the reason for $517.36 billion dollars in consumer spending in 2018.
Seeing the lifestyles of our friends on social media has spurred a whole new level of “keeping up with the Joneses”. That’s because a majority of social media users are paying more attention to how their friends spend than how they save. How many of your friends are posting about how big their savings account balance is this month versus how many are posting photos of their latest vacation or fancy dinner?
For more information contact your Modesto bankruptcy attorney at (209) 438-4990.
Categorized in: Credit