Survey: Millennial Millionaires Feel Most Pressure To 'Keep Up With The Joneses'
SAN FRANCISCO (CBS SF) -- When it comes to trying 'keeping up with the Joneses', millenial millionaires are the most insecure generation of them all. They are in constant competition with their peers.
Their 'in your face' wealth is a constant on social media -- whether they're strutting the red carpets at big-money fundraisers, sitting front row center at haute-couture shows in Paris, or on the glossy pages of magazines featuring their multi-million dollar homes.
A survey by UBS Investor Watch found that almost half of the millenials polled said they feel pressure to keep up with the Joneses, compared to only 22% of Boomers. Sixty-eight percent confessed to being insecure about how their wealth compares to their peers.
The survey points out how social media exacerbates their fears because so much lifestyle and spending information is available online. Consider that 74% of millenials surveyed confessed to going online to peek at their peers' salaries, home prices, purchases, even their employment history.
The survey also found that while they are very successful, 52% said they fear losing their wealth and worry about not having enough money to support their lifestyles. Gen Xers weren't far behind at 49%. Compare that to only 27% of their grandparents' WWII generation, and 36% of their Boomer-parents.
One thing that most millionaires in every generation surveyed agreed on is feeling like they are stuck on a treadmill they can't get off. Fifty-two percent said if they were to slow down at work, they wouldn't be able to support their families in the manner they have grown accustomed to.
While they are hardly a paycheck away from homelessness, 63% said a job loss, or market crash would have a major impact on their lifestyles.