Last week we asked our Frich Campus Ambassadors to ask the money questions they're most curious to know the answers to. Here's what they wanted to know...
More than half of you said that you're pretty much in the same spot as your friends. And the rest were equally divided between feeling like you're falling behind or feeling like you're ahead of your friends. All we can say is that we hope you're having honest conversations with your friends and you're not comparing yourself to false interpretations of social media highlights.
Not all comparison is bad, which is why we built Frich! Check out our daily questions to see how you actually compare to your peers, when it comes to life's various money questions. And if you want exact numbers, check out our Compare page where we break down how your salary, rent, credit score and spending compares category by category.
This was quite surprising! We expected many of our users to be from wealthy families given that our users are primarily based in NYC, Miami and Austin, but we had no idea that the percentages will be so high.
9% of you said that most of your friends have trust funds or come from rich families. Another 9% said that half of your friends have trust funds and only 3% said that none of your friends come from wealthy families.
Having an understanding of how your peers afford their lifestyles and seem to effortlessly get top paid jobs, is important to set realistic expectations and goals for yourself. We've said it before and we'll say it again - open conversations about money are crucial!
To wrap up this week's theme, it obviously makes sense to follow up with this question. When benchmarking yourself to your peers, you want to be clear on whether you're comparing yourself to your friend's budget or their parents'.
So where do Frichies' budgets come from? 11% of our users said that all of their monthly budget comes from their parents. Less than half of you (44%) said that your parents don't financially support you. And the rest were somewhere in between.
Now go and ask these questions to your friends to have some eye-opening conversations! We'll see you next week for our next batch of questions☺️
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