Deeply in debt, young Americans still chasing after Kylie Jenner’s luxurious lifestyle
According to CNBC, the FOMO (fear of missing out) syndrome among American youth is getting worse. These young people are always in a race to keep up with the shopping habits of the celebs they admire.
It is reported by Allianz Life Insurance Company of North America that nearly 60% of young people in America have a tendency to buy stuff that they don’t have any plan for or what they accidentally come across on the Internet.
The problem is, people of this generation do understand that social networks such as Instagram have negative impacts on their consumption habits and financial capacity, but FOMO syndrome still makes them unable to save money.
Kylie Jenner regularly advertises fancy items on her Instagram and attracts countless buyers. Photo: Instagram.
Kylie Jenner is one of the most influential celebs on Instagram. Owning an account with 118 million followers, she has been maintaining her huge online power, earning up to $ 1 million per post.
Jenner's always appears on social networking sites with expensive items and services like lipstick, cars, dresses, shoes, jewelry, bags, and etc.
Jenner’s 118 million followers see her fancy images every day, resulting in the "keeping up with the Joneses" feeling. According to research, this mentality is really difficult to resist.
Kelly Lannan, director of Fidelity Investments for Women and Youth Investors, comments: "We're hyper aware of what other people are doing. But now it's not just keeping up with friends, it's keeping up with celebrities."
It is reported by Credit Karma, many young people do not have enough money to spend that much. More than 40% of them admit they often spend the money that they haven’t earned, resulting in inevitable debts.
Kylie Jenner regularly posts photos of her deluxe life on social networking sites. Photo: Instagram.
"More than any other generation, social media and the allure to spend beyond their means could have long-term negative effects on their finances if they're not careful," said Paul Kelash from Allianz Life.
A recent survey conducted by A Fidelity on 2,000 adults between 22 and 27 also found that 66% of them really feel that spending money to entertain themselves at the moment brings the same satisfaction like when saving money for future.
To overcome this uncontrolled spending habit, Lannan advises young adults to stick to their long-term goals, stay calm and set their own limits. Instead of spending two days at the weekend humoring themselves, they should cut one day off.
By: Chris Stewart