Millennials And Gen Zers Dumping Rich Friends
Have you ever been invited to lunch and then question whether you want to go or not? Not because you don’t want to hang out with that person. It’s because that person invited you to have a meal at a restaurant that is way out of your budget. If you do think this way, you’re not alone.
Who’s Affected And Why?
According to a poll done by Intuit Credit Karma, 36% of Gen Z and millennials have a friend they hang out with on the regular that causes them to overspend. They polled over 1,000 people. Many polled said they racked up debt and dropped their wealthier friends while doing so.
They also said the problem is even worse for millennials. Why? They’re ending up spending more than the Gen Zers do because they’ve worked in their career longer, therefore having more spending money. They basically had a head start before Gen Zers. Credit Karma found that 80% of the millennials versus 80% of Gen Zers that have that one friend that spends a bunch, they’ve caused them to spend money they didn’t actually have and has put them in debt. 15% of millennials said their debt is a minimum $500. For Gen Zers, only 2% of them said their debt is at least $500.
How Social Media Affects Spending
Now social media is starting to play a roll in this unwanted spending. Friends seeing their wealthier friends on social media. Posts of them buying expensive clothing, eating at high priced food places, and more. Also companies constantly adding their new products are causing millennials and Gen Zers to spend money they don’t have.
This is why they’re cutting off their wealthier friends. This shows the power of money. The 2018 working paper that the Federal Reserve Bank of Philadelphia put out even shows that neighbors and friends of those who won the lottery, they were more likely to go bankrupt because they see them buying new things and spending more.
Do You Really Need To Dump That Friend?
In the end, it really is up to the person whether you spend more than your means. But removing that friend or ghosting them because they can afford the lavish lifestyle may be a smart move, if it’s causing you to go into debt, just to be social with them.
We talk more about this in today’s edition of a Few Things You Should Know!
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Boomers, Gen X, Gen Y, Gen Z - And What's Next
Chuegy
A Gen-Z term that became popular because of TikTok. Chuegy describes anything that’s considered uncool, untrendy, or people who deliberately stick to “older” trends.
Sus
Gen Z. “Sus” means suspicious, or something, or someone that is questionable or dishonest. It was popularized during the online game ‘Among Us,‘ where the goal was to lie your way through, and not get caught killing all of your “teammates” on a spaceship. Good times!
Snack
Gen Z. Often found in the comment section of pictures of Instagram models, “Snack” means someone extremely attractive that you just really want to “take a bite out of.” Of course, not to be confused with “main course”, which is someone who is wife/husband material.
Humblebrag
Gen Y. Humblebrag is used to boast, but pretend to be modest about it. It is an oxymoronic compound of the words “humble” and “brag” and is credited to Harris Wittels, a writer for the TV show Parks and Recreation, who created the Twitter account @Humblebrag back in 2010.
Bye Felicia
GEN Y. “Bye Felicia” is a slang way of dismissing someone. It is based on a character named Felisha in the movie Friday. “Bye, Felicia” often appears in memes, GIFs, and hashtags to express disregard or indifference to someone. As if to say, “That’s it. I’m done putting up with you. I’m so over this. Byeeee.”
Thirst Trap
Gen Y. “Thirst” or “being thirsty” is a way to describe lusting after someone, desperately. Thus began, “thirst trap,” used to describe photos people post with the obvious, or subtle intention, of getting others to lust after them and post comments that boost their ego.
Trippin'
Gen X. If someone says you’re trippin’, you’re acting like a fool, you’re too excited, or too bothered about something. The earliest usage of the word was found in the 80’s and is, of course, related to a psychedelic drug trip, so really – from the early 50s.
Headbanger
GEN X. Headbanger came about in the early 80s. It refers to someone who loves heavy metal music. Gen X culture was responsible for a lot of musical contributions, including punk rock and grunge. The phrase shortened over the years to just “banger.”
Psych
GEN X. To “psych someone out.” Meant to mess with them or their head. Its first documented usage originated from a 1975 Dictionary of American Slang and was described as “To unnerve someone; cause someone to lose composure, will, skill, etc.”
