How ‘money dysmorphia’ is driving Gen Z into debt

Recent research has revealed that almost half of young people today are obsessed with the idea of being rich because they’re comparing themselves to wealthy social media influencers. And, in an attempt to keep up, they’re making poor financial decisions and spending far beyond their means.

According to recent research from Qualtrics, almost half of young people today are obsessed with the idea of being rich.

Findings show that 44 per cent of Gen Z feels this way, compared to the average of 27 per cent among other demographics.

This, as the study explains, is a result of social media’s influence, namely the wealthy content creators on platforms like TikTok, YouTube, and Instagram who continuously rub their lavish lifestyles in the faces of their dedicated followers with videos of designer clothing hauls, luxury trips abroad, and sports car collections worth a decade of rent.

While setting unrealistic standards and flaunting affluence is nothing new, it’s only during the last few years that the repercussions of doing so online have become known.