Millennials and Gen Z are spending money on luxuries in a way some deem as “self-sabotaging.”Despite warnings about the consequences of not managing their finances properly, a large portion of young people are still drawn to luxury goods. After all, many amongst these gens don’t feel confident they’ll reach the milestones they’re encouraged to save for like houses, weddings, and kids. This way of thinking has led to young people getting stuck in a pattern of mimicking friends on social media and striving to keep up with a certain “aesthetic.,” though. 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. (Fortune)
