It's most often called "keeping up with the Dlaminis".
But it is really about seeing what friends, relatives and neighbours have, comparing your possessions to theirs and then deciding that you deserve the same, secretly competing and copying expensive lifestyles we cannot afford.
It is, unfortunately, also why many people find themselves in financial trouble, says Old Mutual.
We live in a competitive society and will often compare ourselves to others.
"They tempt us to throw financial caution to the wind and 'live large' to be like the people we admire and envy," says John Manyike, head of financial education at Old Mutual.
The 2021 Old Mutual Savings and Investment Monitor survey reveals what may be hidden behind the neighbours' luxury lifestyle. The survey found that 58% of survey contributors admitted being financially stressed.
Worst of all, 34% stated that they could survive for less than a month if they lost their jobs. So, the chances are pretty strong that many of those with desirable lifestyles are really deep in debt – they just hide it well.
Instead of spending hours comparing your finances to those of others and resisting the urge to copy them, Manyike says: "Ask yourself whether competing and copying someone will help you achieve long-term financial security or give temporary satisfaction with long-term debt."
Adds Manyike: "Creating a stable financial future is about prioritising personal financial planning, acting now and letting others follow the financial path they choose."
