Almost One Third (30%) of Men are Willing to Take on Debt In Order to Own a Lavish Item.
Fintonic, the number one mobile banking application in Spain and Latin America, today announced findings from its “Welcome to the Debt Life” survey revealing how far into debt individuals are willing to go to portray a luxury lifestyle. More obsessed with money and first class living than ever before, Fintonic’s survey found that almost one third (30%) of American men were willing to take on some type of debt to depict an indulgent lifestyle compared to just under a quarter (24%) of American women. With the media constantly glorifying extreme wealth, it’s no surprise people are spending beyond their means with one in eight Americans willing to take on $1,000 or more in debt to depict their life as extravagant.
The study, conducted with third party research firm YouGov, revealed not only how much debt Americans were willing to take on, but also how these financial habits compared to Latin American countries including Mexico and Chile. Key findings include:
More money, more problems— The more money you make, the more likely you are to go into debt: One in 10 Americans making $80,000+ are willing to take on $5,000+ in debt to portray a luxury lifestyle. This is more than double (one in 20) those who make under $80,000
Boys just want to have fun— More U.S. men than women are willing to take on thousands of dollars in debt to boast about their lifestyle: Specifically, one in 12 American men compared to one in 20 women would take on $5,000 or more in debt to portray a high-end lifestyle
Americans aren’t the only big spenders: The overwhelming majority of Mexicans (84%) and Chileans (79%) are willing to go into some type of debt to portray a lavish lifestyle and 16 percent of both regions would be willing to take on at least $5,000 or more to portray a life of luxury
For Latin American men, it’s all about the money: Whether it’s to own a fancy item or portray a first class lifestyle, more men in Chile (84%) and Mexico (89%) are willing to go into some type of debt. This is compared to 75 percent of women in Chile and 79 percent in Mexico. Additionally, more men in both Chile (20%) and Mexico (18%) would go into $5,000+ of debt to portray a luxury lifestyle compared to only 12 percent of women
“The increase in both traditional and social media glorifying expensive habits is playing a huge role in these regions believing a luxury lifestyle is attainable, causing many to spend beyond their means and accumulate debt,” says Sergio Chalbaud, CEO and Founder of Fintonic. “The idea behind Fintonic emerged from the desire to help consumers better serve their financial needs. We’re seeing that the expansion of the middle class is driving growth in both consumer spending and the use of technology, so we found a way to implement proprietary algorithms that could provide better financial products for its users.”
Fintonic commissioned YouGov PLC—a third party, professional research and consulting organization—to poll the views of 3,170 adults (US: 1,157, Chile: 1,001, Mexico: 1,012). Fieldwork was undertaken between February 9- 16, 2016. The figures have been weighted and are representative of each individual country (aged 18+). The survey was carried out online.