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Do you or someone you know suffer from financial dysmorphia? Find out more about this later in this email. 

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💵 Gen Z, Millennials Obsessed With Being Rich, Facing Financial Dysmorphia

Some millennials and all of Gen Z don’t remember a time without personal computers and cell phones.

From the days of AIM (AOL’s instant messenger software) and MySpace (an early precursor to Facebook) to Instagram, Snapchat and TikTok, these generations quickly became thrust in a “keeping up with the Joneses” culture.

When attention becomes commoditized and people curate perfect images of their lives, others feel like they should be doing better … including financially. Check out these numbers:

• 44% of Gen Z and 46% of Millennials are obsessed with the idea of being rich.

• 43% of Gen Z and 41% of Millennials experience money dysmorphia.

• 59% of Millennials and 48% of Gen Z feel behind financially.

In this case, Credit Karma defined money dysmorphia as “having a distorted view of one’s finances that could lead them to make poor decisions.”

Said Courtney Alev, a consumer financial advocate at Credit Karma: “Money dysmorphia is kind of like today’s version of keeping up with the Joneses. A lot of people are examining their finances and comparing themselves to their peers, people on social media and even celebrities, which is bringing up feelings of inadequacy.

“A few ways to overcome money dysmorphia are to take an honest look at your finances, set clear goals, make a plan, and, most importantly, keep your eyes on your own paper.”

Among those who experience money dysmorphia:

• 95% feel that it negatively impacts their finances. The most common impacts include holding back from building savings (40%), overspending (38%), taking on more debt (32%) and holding back from saving for a home or paying down debt (30%).

• 82% of those with money dysmorphia feel behind on their finances (vs. 29% for everyone else).

• 54% of those with money dysmorphia are obsessed with being rich (vs. 12% for everyone else).

• The average American savings account holds $5,300. But 23% of those with money dysmorphia have $30,000+ in savings.

💸 Today’s Top Savings Rates

Check out our updated list of Clark.com-approved high-yield savings accounts with the highest rates. Here are the top five APYs on our list as of July 17, 2024.

See All Rates | High Yield Savings Accounts Calculator

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🎙️ Podcast

Customer service has collapsed over the last few years. Clark explains what’s going on and names a few companies who are doing things right. Also, tax ID theft has skyrocketed over the last several years. Unfortunately, it can take more than two years to get your tax refund if you’ve been a victim of theft. Clark has two important action items for you to take before the next tax season.‌

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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