Spending Habits: 20-Somethings Try Too Hard To ‘Keep Up With The Joneses’

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  • Do you truly know if you are doing ok financially? Well, according to a new survey conducted in October 2013, if you’re a millennial, just ask a friend. Millennials, reportedly, rely on friends’ financial habits to determine their own.

    “Nearly three quarters of 25- to 34-year-olds look to their friends’ financial habits to determine their own,” the survey, released by the American Institute of Certified Public Accountants and the Ad Council found. “Two-thirds say they’re stretching to keep up with where their friends live, where they go to eat, what they wear, and what gadgets they carry.” But keeping up doesn’t keep you from falling behind. The survey also suggests:

    •40% still need money from mom, dad or other family members to make ends meet

    •42% used a credit card to cover necessities in the past year

    •34% were contacted by a bill collector in the past year

    •25% missed a credit card or other debt payment

    Along with these results, the AICPA and Ad Council launched a new series of Feed the Pig public service advertisements to help young women forge their own path to financial security. According to the Feed the Pig, “too many people adopt a ‘tomorrow’ attitude when it comes to their money. Or worse, they panic because yesterday has already come and gone, leaving in its wake a whole lot of shoulda, coulda and woulda.”

    In an effort to become more financially stable, FTP offers the following tips:

    Step 1. Budget your money…because planning is the new spending.

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