Whenever you scroll through social media, it’s not uncommon to see people showcasing lavish lifestyles — going on luxury vacations, shopping for designer clothes and eating gourmet meals. If you’ve ever thought to yourself, “How can they afford that?,” the answer may actually be that they can’t — even if they make a high salary.

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A recent Wells Fargo survey found that a third (34%) of affluent millennials sometimes lie or exaggerate about their income, savings or spending to maintain an appearance of financial success, and 40% of affluent millennials have taken on more debt than they want in order to live larger. These are higher percentages than among Gen Xers, boomers and members of the silent generation.

So why are millennials more inclined to live above their means to give off a certain image?

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Even Affluent Millennials Are Struggling With High Living Costs

The Wells Fargo survey found that 59% of affluent millennials feel it is important to “look or appear” financially successful to others through the way they dress, their car or their home, compared to 35% of Gen Xers, 14% of boomers and 7% of those in the silent generation. Yet, due to the circumstances in which this generation came into adulthood, affluent millennials may be struggling more than those of previous generations.

“Affluent millennials are feeling what seems like the never-ending squeeze of inflation, which means that their housing, groceries and leisure activities — vacations, gym memberships, dining out and even streaming services — are costing them more money,” said Emily Irwin, managing director of advice and planning for Wells Fargo. “It’s also not uncommon for affluent millennials to still be paying off student loans, which resumed last fall.”

At the same time that they’re struggling to maintain their financial footing, millennials, in particular, are being bombarded with images of their peers’ success — or what looks like success.

“Social media is a daily reminder of the ‘haves’ and ‘have nots’ — or alleged ‘haves’ and ‘have nots’ — and this added pressure can force affluent millennials to make comparisons between themselves and others without knowing the true ‘balance sheet’ of their friends or influencers,” Irwin said.

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Why Affluent Millennials Are Taking on Debt

The survey found that while 40% of affluent millennials have taken on more debt than they want in order to live larger, only 29% of Gen Xers, 6% of boomers and 4% of silent generation members have done the same. One reason that more millennials may be taking on higher levels of debt is that they have yet to adjust to the higher interest rate environment.

“Affluent millennials have had the benefit of lower interest rates over the last few years. Therefore, they may have rationalized that it may have made sense to stretch for a dream home versus allocating dollars to a savings account that wasn’t yielding a high-interest rate,” Irwin said. “And it may make sense — assuming they’re setting aside funds for emergencies and not incurring revolving debt, like credit card debt.”

Millennials may also be more inclined than older generations to take on debt because they are still far away from retirement.

“Typically, they have the benefit of steady income and time — they likely are still earning a paycheck and know that retirement is decades away,” Irwin said.

However, while there are rational reasons for affluent millennials to take on debt, it can sometimes get out of hand, especially given how easy it has become to overspend.

“Affluent millennials grew up with online shopping and digital payments,” Irwin said. “I’d challenge them to not indulge the ‘consumer fix’ or ‘purchasing high’ that occurs as they snag a new item, but to wait 24 hours to check in with themselves to determine if they’re even still excited about the item.”

Additionally, affluent millennials need to think about why they are willing to take on debt. Is it for a long-term investment, like a home, or is it just to look ‘rich’?

“Affluent millennials’ behavior is driven by the core belief that it’s important to ‘look or appear’ financially successful,” Irwin said. “To accomplish this, they lean into stereotypical signs of affluence — luxury cars, homes and designer clothes. Forty-four percent of affluent millennials say it’s important to have visible signs of wealth like this, compared to 21% of Gen X, 8% of boomers and 7% of the silent generation.”

Keeping Up False Appearances

The Wells Fargo survey only included individuals who had at least $250,000 in investable assets, yet many millennials in this wealth bracket still admit to doing things to appear richer than they are.

“Almost a third of affluent millennials buy things they cannot afford to impress others or fit in a certain lifestyle,” Irwin said. “They sometimes exaggerate about their income, savings or spending to maintain an appearance of financial success. As a result, this charade can be exhausting at the least, and in some instances, not sustainable.

“It’s a vicious cycle because most people are reluctant to talk about their actual circumstances, and instead [want to project] the image of ‘I’m living my best life!’,” she continued. “It would be great if the trend would segue into, ‘share what you’ve done to be financially responsible.’ How freeing it would be if everyone ‘put their cards on the table’ and did not receive judgment or embarrassment?”

Turning the Tide

While some affluent millennials are living above their means, others have been scaling back.

“More than half of affluent Americans have curtailed spending on luxury items post-pandemic — [including] 62% of [affluent] millennials — and 78% of affluent millennials report waiting on sales, discounts or coupons to buy items when they are marked down,” Irwin said.

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This article originally appeared on GOBankingRates.com: ‘Fake Rich’ Millennials Are Lying About Income & Taking on Debt To Seem Wealthier