Research what the idiom; “Keeping up with the Joneses” means and relate how it can affect a person’s spending as they age. 2. It’s easier than ever to spend money today than it was in the past. Explain why this is so.
Keeping up with the joneses
In Early Adulthood (Career Building):
The pressure often focuses on starting essentials (first car, first home, wedding expenses, expensive social life).
The "Joneses" might be high-earning college friends or successful colleagues.
Spending may be driven by the fear of being seen as "falling behind" at the starting line of a career.
In Middle Age (Peak Earning/Family Stage):
The pressure often peaks because a person's visible assets (house, cars, children's education, vacation quality) become the primary benchmarks.
A significant amount of debt can be accrued in this stage (large mortgages, auto loans) because people assume that their current display of wealth (assets) is what others see, while their actual financial strain (debt) is hidden.
The "Joneses" are typically immediate neighbors, parents of children's friends, and co-workers.
Older generations (Gen X and Baby Boomers) report feeling less pressure with age than younger generations, perhaps having recognized the futility of the comparison trap, or having established a more settled status.
Sample Answer
The idiom "Keeping up with the Joneses" refers to the pressure to constantly compare oneself to neighbors or peers and strive to accumulate the same or better material goods and social markers of wealth or success. It describes the phenomenon of conspicuous consumption, where people spend money, often beyond their means, to maintain or project a certain social status or standard of living relative to their reference group.
How "Keeping up with the Joneses" Affects Spending as a Person Ages ⏳
The effect of "Keeping up with the Joneses" on spending can change and often intensify as a person ages, though the specific reference group may shift.