All articles tagged with #wealth perception
Originally Published 6 months ago — by Yahoo Finance
Many wealthy Americans are unaware of their true wealth levels, partly due to social media distortions and rising 'luxury shame,' leading to a disconnect between perceived and actual wealth, which influences consumer behavior and social debates on taxation and inequality.
Originally Published 1 year ago — by CNBC
A recent report by Credit Karma reveals that nearly one-third of Americans experience "money dysmorphia," a distorted view of their finances often stemming from comparing themselves to others and feeling inadequate, with younger generations being more affected. Despite above-average savings, those with money dysmorphia are obsessed with the idea of being rich. Another report by Edelman Financial Engines shows that only 14% of Americans consider themselves wealthy, and social media is exacerbating feelings of financial inadequacy, leading some to overspend. Experts recommend reducing social media usage and addressing the psychological aspect of financial satisfaction to combat these issues.