At a time when the cost of living is increasing dramatically, young people seem to be spending their money on comforts and conveniences rather than saving for long-term financial goals.
This can take a few forms. For example, in a survey conducted on April 2023, over half of polled Gen Z members self-identified as “frequent leisure travelers,” taking three or more trips per year. Young people are also more likely to spend money on clothes and restaurant meals than their older counterparts.
There are a few possible reasons for these spending patterns. For instance, given the increasing price of housing and the difficulties that young people can face when attempting to buy a home, “59% of Gen Z does not own or does not expect to own a home, compared to just 29% of 55 to 64-year-olds,” according to a 2022 piece for Insider citing data from McKinsey. This thinking could lead to young people prioritizing short-term purchases over adding to their savings accounts.
No matter why it happens, the disparity between earnings and spending patterns can produce some pretty interesting outcomes, as TikTok user Aiden (@nottaphase) recently noted in a video with over 1.2 million views as of Sunday.
@nottaphase ♬ It’s The Hard Knock Life – Annie Movie
In the video, Aiden shows himself cleaning a tanning bed. The text overlaying the video reads, “Me wearing $550 headphones, $1700 necklace, $130 lulu pants, $150 birks, versace underwear and a tennis bracelet at my minimum wage job.”
Users in comments affirmed that Aiden was not the only one in this situation.
“This is so relatable,” a user wrote. “Expensive taste without the expenses.”
“Girl i have a rolex and work 15/hr,” added another. “The math isnt mathing.”
“Lmao me wearing Guccis to Tim Hortons then changing to my non slip shoes,” shared a third.
However, some commenters questioned the decisions of those making these purchases—and wondered how such purchases were even possible in the first place.
“LOL how are yall paying rent,” a commenter asked.
“How does one acquire these goods working min wage,” questioned a second.
“No seriously like I CANT afford this,” stated an additional TikTok user.
The Daily Dot reached out to Aiden via email.
*First Published: Oct 1, 2023, 11:30 am CDT
Braden Bjella
Braden Bjella is a culture writer. His work can be found in Mixmag, Electronic Beats, Schon! magazine, and more.
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