Bay Area millennials wonder how their friends afford those Instagram trips
A long weekend in the Bahamas, a tour of French vineyards and an all-access pass to Coachella.
If you have an Instagram friend who always seems to be doing something impossibly cool, you may have thought: how do they afford it?
No one knows, apparently. At least not Bay Area millennials, three-quarters of whom said in a new survey that they wonder how their friends afford the expensive experiences they show off on social media. About 57 percent of Generation Xers and 39 percent of Boomers said the same thing.
The survey from San Francisco-based investment firm Charles Schwab also found that 30 percent of all residents admit they overspend on experiences with friends. Another third said they are influenced by all those cool posts on Instagram, Facebook and Twitter to spend money on experiences.
“The burden to ‘keep up with the Joneses’ has been part of our culture for a long time, but it seems that social media has increased the pressure to spend,” Richard Zak, regional market executive for Charles Schwab in the Bay Area, said in a news release.
Maybe those high-spenders are among the more than half of respondents who said they are or expect to one day be wealthy. Two in five of those expect their big break to come within 10 years, according to the survey.
And how will they know they’re wealthy? When they have $4 million in personal net worth, apparently. That’s actually down slightly from the $4.2 million would-be wealthy residents aimed for in Schwab’s 2018 survey. It’s also about twice as high as the national threshold for being wealthy, the survey found.
Feeling strapped on a $400,000 income? That’s the Bay Area
Source:: The Mercury News – Lifestyle