Millennials Splurge to Keep Up Appearances Despite Mounting Debt

Despite financial challenges, 59% of affluent millennials feel it's important to "look or appear" financially successful to others. Over 40% said having visible signs of wealth is important.

More than 40% of affluent millennials rely on loans or credit to fund their lifestyle, while accumulating debt. Millennials have seen the largest increase in delinquency rates.

Nearly 30% of affluent millennials buy things they can't afford to impress others or "fit in." Another third lie or exaggerate their finances to keep up appearances.

Social media fuels spending anxiety and pressure to match the consumption of a wider net of online influencers. Millennials are the first generation on the internet.

Millennials look past longer-term costs like debt and student loans to live in the moment. Small splurges can seem insignificant amidst big financial burdens.