Young, broke and fabulous?

Posted Oct 22nd 2006 at 1:23PM by Anne Metz (Subscribe to Anne Metz's posts)

Filed under: News

According to a new study by Jane magazine, 48.2 percent of women between the ages of 20-29 spend nearly half of their disposable income on fashion, makeup, jewelry and accessories. Unlike the previous generations, these female twenty-somethings have a much stronger attachment to fashion and style than their previous counterparts. But the fine fashion sense comes at a cost. The study also found that 84 percent of these women had no problem living beyond their means, financing this charmed lifestyle with credit cards and help from old mom and dad. The study noted that while the number of women with credit card debt has remained basically the same since 1996, the actual amount of debt has increased on the average of 33 percent.

To tell you the truth, I was actually surprised by the findings of this study. As a member of this 20-29 demographic, I have to wonder how in the world young women are planning on buying homes, raising children and eventually retiring when their expenses so greatly exceed their income. Don't get me wrong, I like a good luxury as much as the next girl, but spending half of one's disposable income on clothes seems terribly misguided.

Source

Tags: debt, Jane Magazine, JaneMagazine, shopping, study

Reader Comments (Page 1 of 3)

Blondeheiress 10-25-2006 @ 2:32PM

84 percent of today's young women have no problem living beyond their means, financing this charmed lifestyle with credit cards and help from old MOM and DAD. key words

n gavin 10-25-2006 @ 2:35PM

Pathetic!

kev 10-26-2006 @ 1:33AM

And sugardaddy's and boyfriends that can't say no b!
Haha.. so you want to be a starlet huh?

Vickie 10-25-2006 @ 2:44PM

I'm probably in that 84% minus the helping from the parents part. but who really cares, the house will be on mortgage, I have education loans, and who knows where i will be in 40 years. If I don't live today the way I wanted it, who knows what's gonna happen tomorrow. My philosophy is don't think beyond today. Everyone is on debt in some way. gals, work hard, play harder!
and i'm only 21.

Linda 10-25-2006 @ 2:56PM

As the mother of a 24 year old daughter, I am glad to say she's more sensible than the large number of 20-somethings out there who are in major debt already. But I can attribute this to her being taught how to manage her money. I wasn't the type of mother to give her everything she wanted (but I did give her a good fashion sense). Unfortunately, many parents have forgotten that what they were taught worked for them, so why not pass that wisdom along to their children. I only hope these young women wise up soon. Their lives will be a lot easier when they are 40-something.

Linda 10-26-2006 @ 1:38PM

I can certainly relate & I believe it is no different now than when I was 21. I had no sugardaddy and paid for my own bills. I spent most of my salary on clothing back then and as an adult, have always loved fashion and still do (I'll be 60 next year).

lala 10-25-2006 @ 3:00PM

This is so pathetic, yet true! age 22

jane doe 10-25-2006 @ 3:03PM

luckily for me at 36 i DON'T own any credit cards nor have i ever owned a credit card...i live well within my means and i dont care bout fashion and superficial crap.

dont need material crap to be happy..I HAVE 0 DEBT!!
ITS NOT DIFFICULT!!

Karen 10-25-2006 @ 4:38PM

If you think about it, with the focus today on the importance of being beautiful, some young women feel that they have no choice but to live beyond their means in order to have dates and sometimes even friends!

Gary in Maryland 10-25-2006 @ 4:38PM

I wish we had girls like that where I live. Instead, for the women that live around here, their big ambition is to be barefoot, married and pregnant as soon as they get out of high school. By the time they are 25 they grow like inflatable liferafts and have lost all of their looks. Plus they are probably in just as much debt as the fashionable ladies.

Have fun girls!

b 10-25-2006 @ 4:38PM

Well, I can honestly say I spend my money wisely and stupidly- if that makes sense. I am responsible in that, my bills and monthly loan payments are paid along with my credit card in full, and I put money into my savings. The stupid part is, I shop whenever there's a sale or I get that "I have nothing to wear" meltdown in the morning getting ready for work. Once every couple of months such as this Saturday, my girls and I pick a weekend and spill out $200-300 on clothes, shoes,etc. I figure, you live once, look good while you still can. I have no children, no husband and I've been working since I was 15, you deserve to treat yourself big time everynow and then. Just make sure you handle your priorities first and can survive for 2-3 months should something happen.

Josefina 10-25-2006 @ 4:39PM

The only reason the 20 something year old women goes into debt is because she wants to look better than everyone else, and maybe because she has no one to think about but herself

Amy Evers 10-25-2006 @ 4:39PM

Yikes! Those are scary numbers! I am 19 and fixing to move into my house this weekend that my husband and I built. I refuse to carry a balance on my credit card -if I can't pay it off by the end of the month then I can't afford to use it! I am a legal assistant so I do have to spend some money to buy business clothes but it doesn't add up to half of my income! That is just hard to believe! The only debt that I have is my student loans and an upcoming mortgage!

~Amy~

Linda D 10-25-2006 @ 4:39PM

I was fashionable in classic attire when I worked. I bought expensive basics that lasted from season to season. Lots of scarves, blouses, and pins changed my clothes. Now, I'm retired, and the clothes are just as fashionable with the current seasons accents. No debt and a good retirement check. I love my life.

julie 10-25-2006 @ 4:39PM

vicki, you won't be able to get a mortgage if you keep spending so much on clothes and credit cards. I have a 28 yr old daughter that will not charge any more than she can pay off when the bill comes. she has a husband, house, and a new baby and lives within her budget. no brand new car, no expensive clothes but enough $ in the bank for a rainy day. my 25 yr old daughter is more like vickie but she has a house, husband, show car, motorcycle, inground pool, you name it and they are in debt because they had to have it today in case they die tomorrow. wouldn't be surprized if she ends up moving back in with me.

Anna Barton 10-25-2006 @ 4:39PM

OUCH! that's a lot of money to spend on material things, but looking beautiful is hard these days. I say, "ladies do whatever makes you happy in good sense"! if you have the money, "spend it" whether its your sugardaddy's, or your hard earned money. Lifes to short, have fun!!!

Anna Barton 10-25-2006 @ 4:25PM

Karen 10-25-2006 @ 4:39PM

sounds like a lot of mom's and dad's out there didn't do a very good job of raising their children to be responsible adults.

JD 10-25-2006 @ 4:39PM

I'm not surprised either. Considering that Mom and Dad support, and insomuch, encourage this "lifestyle," these girls are hanging in social circles with men of similar demographics. Fashion and style is their 'ticket" to getting into all the hot spots. They are hooking up with guys who will support their shallow lifestyles.

Kris 10-25-2006 @ 4:39PM

Moderation is key. I dont spend half my income on fashion, not even 10% of it.

I'm still in debt... mortgages, car loans, student loans. Had I been a fashion spending freak... I probably wouldn't have any savings, equity on my house, 401k, IRA, and CD's.

Anyway... people will do what they want.