It may just be that people who have lower income, and are guided by "status" may make worser choices or are can't/don't understand financial implications or maybe they are just doing their best to "peacock" and fit in with what they think is the right tool to achieve their goals?
It's nothing new, you could've said the same thing in the 90's about Sega, Nintendo and Playstation and with Shoes, Clothes, anything -
Yes 60% of Americans are guided by “status”. My 80 year old mom was just talking to me yesterday about how she feels superior to everyone else because she has Blue bubbles like the Instagram influencers she followx
It's nothing new, you could've said the same thing in the 90's about Sega, Nintendo and Playstation and with Shoes, Clothes, anything -