Drip culture statistics: what the data says

 

In partnership with Channel 4’s UNTOLD: Addicted to Drip programme, Claro Wellbeing has explored the spending habits of under 34s, and how far they will go to pursue a luxury way of life. 

 

As featured on

Channel_4_2022 (6)

 

Download your report now

Discover how social media is impacting the financial behaviour of young people in Britain today.

Young people are stuck in a luxury spending cycle

Our key findings include:

  • 69% of young people would get into debt to buy a luxury item they wanted

  • 29% of 16-34-year-olds have less than £100 in savings

  • One in three (30%) young people are more likely to buy luxury items than put their money in their savings account

  • One in 10 spend almost a third (31%) of their income on luxury goods 

 

3

 

"When you consider young people already have a lower level of financial resilience, due to comparably lower wages, often insecure employment and higher living costs, the consequences of getting into debt while chasing a luxurious lifestyle can be severe."

Stacey Lowman

Head of Employee Wellbeing at Claro Wellbeing

1

 

Almost half (46%) of 16–34-year-olds
in the UK are in some form of debt
due to purchasing a luxury item.

2

One in five young people (20%)
spend a third of their monthly
income on luxury items.

4

 

Discover more on our blog
3 min read

Should employers acknowledge Blue Monday?

Jan 15, 2024 by Oliver Gudgeon

Blue Monday (15 January) has a mixed reputation. But there’s still value in using the day to raise awareness of mental...
2 min read

New Claro Wellbeing: if you have WhatsApp, you have Claro

Nov 23, 2023 by Oliver Gudgeon

Ever wished you had a money-whiz friend you could ask anything, as often as you like? 

That's exactly what Claro...
5 min read

Introducing the new Claro Wellbeing – an update from our CEO

Nov 6, 2023 by Rob Brockington

Millions are being impacted by financial stress. Yet, until now, workers in frontline occupations have not been able to...

Get the complete stats

 

Britain's under 34s are stuck in a spending cycle trying to project a lavish lifestyle online.


 

Download report

 

 

Drowning in drip front cover