Gen Z and Millennials are most likely to experience “money dysmorphia.” A recent study conducted by Credit Karma found that approximately 29% of Americans are having this distorted and insecure perspective on their financial situations, despite the objective reality of what’s in their account. Being most common amongst the young gens, social media is fueling the widespread obsession with money and status symbols (no wonder 45% of Gen Z have a strong desire to be wealthy). According to experts, the pursuit of wealth and a distorted perception of what number defines “wealthy” combined can have detrimental consequences on financial well-being. YPulse‘s Finance / Spending Monitor report shows eight in 10 Gen Z and Millennials agree that they are trying to save money, but still want to have a good time. (WWD)
