Keeping up appearances may be costing some young adults, study says

According to a new study in the Netherlands, keeping up appearances may be costing some young adults. The study found 23% of people ages 18 to 30 admit they pretend to be doing better financially than they really are. And 41% say it’s difficult to admit when they can’t afford something. “The statement ‘I can’t afford that’ should be commonplace, no reason to be ashamed. The results of this research send a clear signal: we must not wait until financial worries escalate into debt. Make money a topic of discussion, listen without judgment, and ensure young people know where they can turn. Because sometimes the difference starts with one good conversation,” said Jerzy Soetekouw, General Director of Humanitas. IN CASE YOU MISSED IT | More than half of Americans are losing sleep over finances. Here are ways to manage your money Researchers say social media and easy access to “buy now, pay later” options may also be adding to that pressure. Many young adults are encountering advertisements, influencers and trends that encourage them to buy more products. 18% say that the option to pay later makes them more inclined to buy something they otherwise would not buy. Nearly 3 in 10 also said they’d rather keep money worries to themselves than talk about them with family.