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Study: Millennials Feel Pressure To Overspend When Back To School Shopping

Shopping Mall
Credit:David-Prado/GettyImages

The study by Bankrate.com found nearly half of the parents who have gone back to school shopping feel pressured to overspend to appear successful.

Bankrate.com Analyst Ted Rossman says, " The flip side of that is that you could actually save money by social media by tapping into your friends, family and community members for hand me down clothes or maybe school supplies." He says parents could use this shopping as a lesson for their kids in how to manage money and how to find the best deals.


He says 1 in 4 U.S. adults have charged something on a credit card that they couldn't afford to pay for with cash in order to appear successful, and another 14% who haven't would consider it.

Again, Millennials differ from their elders; 31% say they have done so, and another 19% would consider it (versus 23% and 11%, respectively, for those who are older).