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Dupes, short for “duplicate,” are cheaper alternatives to premium or luxury products and they are increasingly popular among Gen Z and millennial shoppers.
“The online culture of dupe shopping, accelerated by TikTok especially in the last few years, has flipped the script,” said Ellyn Briggs, brands analyst at Morning Consult.
TikTok videos with the #dupe hashtag have racked up nearly six billion views to date, and 70% of intentional dupe shoppers have a TikTok account.

Aire Images | Moment | Getty Images

So-called girl math is not the only trend spurred by users on the short-form video app TikTok. “Dupes,” short for “duplicate,” are cheaper alternatives to premium or luxury consumer products, and they are increasingly popular among Gen Z and millennial shoppers and app users.
While nearly one-third of adults, 31%, have intentionally purchased a dupe of a premium product at some point, Gen Z and millennials have higher participation rates: roughly 49% and 44%, respectively, according to Morning Consult. The business intelligence company polled 2,216 U.S. adults in early October.

“The online culture of dupe shopping, accelerated by TikTok especially in the last few years, has flipped the script,” said Ellyn Briggs, brands analyst at Morning Consult.
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Instead of being an indicator of lower status or considered “shameful,” dupe shopping is now “something that’s actually a prideful thing for consumers,” she added.
While shoppers may miss out on the experience luxury products provide, dupes are less expensive versions that help consumers save money and test an item before splurging on the real thing.
“Yes, a dupe can give you this sense of ‘gaming the system,'” said New York-based writer Marisa Meltzer, “but it’s not going to be the same feeling you get with an expensive product.”

Meltzer has been covering the fashion industry as a freelance writer for more than a decade and recently published her book titled “Glossy: Ambition, Beauty, and the Inside Story of Emily Weiss’s Glossier.”

A way to ‘partake in that product experience’

Unlike a counterfeit product, which tends to carry an unauthorized trademark or logo of a patented brand, dupes simply mimic certain features of more expensive products.
They also help consumers determine whether the replica is as good as the real version, said Briggs.
When shoppers were polled on the reasons they buy dupes instead of brand-name products, “money was the top answer,” said Briggs — especially for a group whose income level is relatively low.

To wit, 49% of respondents reported a household income below $50,000. Additionally, 67% of polled consumers said saving money is a major deciding factor, the report from Morning Consult found.
“It’s a way for [consumers] to partake in that product experience without having to spend a high amount of money,” Briggs said.
TikTok videos with the #dupe hashtag have racked up nearly six billion views to date, and 70% of intentional dupe shoppers have a TikTok account, the report found.

However, while discourse about dupes is strongly associated with TikTok and the shopping tendency remains prevalent for now among younger retailers, shopping for dupes could become a mainstream tendency across generations as the information becomes more accessible, Meltzer said.
In the end, it’s a personal decision for consumers, who should make an assessment of what is best or financially feasible for them, Briggs said.
“It depends how much you want it and why you want it,” added Meltzer. “I think everyone needs to find their splurge where it makes the most sense for them.”Don’t miss these CNBC PRO stories: More

The number of Americans who say they are stretched too thin has shown no signs of improvement amid high prices and higher interest rates.
Federal Reserve Chair Jerome Powell recently said “inflation is still too high,” indicating that interest rates will stay higher for longer.
One bright spot: Some online savings account rates are now paying more than 5%, which is the most savers have been able to earn in nearly two decades.

‘Inflation is still too high’

The Federal Reserve is expected to announce it will leave rates unchanged at the end of its two-day meeting this week, even though Fed Chair Jerome Powell recently said “inflation is still too high.”
Recent data is painting a mixed picture of where the economy stands. Inflation has shown some signs of cooling, but the core personal consumption expenditures price index, which the Fed uses as a key measure, increased 0.3% in September.
The consumer price index, another closely followed inflation gauge, also rose at a slightly faster-than-expected pace over the month, boosted by higher prices for food, gas and shelter. As a result, real average hourly earnings fell.

The consensus among economists and central bankers is that interest rates will now stay higher for longer.

Households must make ‘tough choices’

“Many households are seeing their finances stretched thinly by the combination of high prices for goods and services as well as high interest rates,” said Brett House, economics professor at Columbia Business School.
“Many are having to make tough choices to defer discretionary spending in order to stay on top of their loan payments and the costs of necessities,” he added. The resumption of student loan payments only adds to this stress.

Some 74% of Americans say they are stressed about finances, according to a separate CNBC Your Money Financial Confidence Survey conducted in August. Inflation, rising interest rates and a lack of savings contribute to those feelings.
That CNBC survey found that 61% of Americans are living paycheck to paycheck, up from 58% in March.
Many households have tapped their cash reserves over the past few months, LendingClub and other reports show.
Nearly half, or 49%, of adults have less savings or no savings compared to a year ago, according to a Bankrate survey.
On the upside, those with remaining balances, which are concentrated among high-income households, are seeing “better interest payments than they’ve received at any time in the recent past,” House said.
High-yield savings accounts, certificates of deposit and money market accounts are now paying more than 5%, according to Bankrate, which is the most savers have been able to earn in nearly two decades.
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Jewel Inostroza was very excited when she bought her home in Newnan, Georgia, in 2008.
“It seemed like it was a very nice, cozy, close-knit community,” said the 54-year-old. “Then it started turning into a horror story.”

Inostroza is the only one listed on the deed, but she and her husband Enrique, 48, share financial responsibility of the home.
They became aware after they moved in that they had bought into a “common-interest community.” Typically, that means real estate where owners pay a portion of expenses connected to shared amenities and common areas. These communities are usually overseen by homeowners associations.
Homeowners associations, also known as HOAs, are self-governing organizations that implement rules for homeowners and renters within common-interest communities. A board of directors, made up of volunteer homeowners in the community, run the HOA. The board may choose to hire a management company, many of which are for-profit, to help run day-to-day operations.
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It’s becoming increasingly common for new homeowners to find themselves in an HOA-governed property. Roughly 84% of newly built, single-family homes sold in 2022 belonged to homeowners associations, according to the U.S. Census Bureau.

“In most southern states and western states, it’s nearly impossible for a homebuyer to locate a single-family home that’s not part of some sort of HOA,” said Deborah Goonan, administrator of the blog Independent American Communities. “Certain local governments require almost all new construction to have an HOA.”

How a $200 annual HOA fee became a $12,000 burden

The Inostrozas’ annual HOA dues are $200. On paper, their HOA membership doesn’t seem like much of a financial burden — but that has not been their reality.
The couple was surprised to find after they moved in that their property had an outstanding balance from before they bought it: unpaid dues, along with other penalties and charges.
The HOA was “fining us for that balance and late fees and any other type of fines that they would put onto the home for lawn care or anything,” said Jewel Inostroza. “All of that was attached to this home when we moved in.”

Jewel Inostroza and Enrique Inostroza stand in the doorway of their home in Newnan, Georgia.
Mark Licea | CNBC

The couple was unwilling to pay those fines and said the HOA and its management company at the time, Homeowners Management LLC, were not responsive to their attempts to get the balance voided. Documentation reviewed by CNBC from as early as 2012 shows that the balance continued to grow. The Inostrozas said communication with the HOA prior to 2011 was by phone.
By August 2015, the HOA put a lien on the Inostrozas’ home. In the court documents, the HOA said the Inostrozas owed more than $1,600.
A lien is when a party has a legal claim against an asset, such as a home, which can serve as collateral to satisfy unpaid debt. This can open the door to an HOA or other complainant escalating to the next level of debt collection, such as foreclosing on the home or, in the Inostrozas’ case, garnishing wages.
In mid-2015, Jewel Inostroza said the HOA began garnishing wages directly from her paycheck to satisfy the unpaid fees.
“The first time I learned of that was when I got my first paycheck that they garnished,” she said. “I didn’t get any prior notice.
“There was nothing sent,” Jewel Inostroza added. “I got a notice two weeks after.”
Despite the garnishment, invoices from the HOA reviewed by CNBC do not show any reduction in the total balance owed. By December 2016, documents show the Inostrozas owed the HOA more than $4,300.
The Inostrozas hired a lawyer, who they say came to an agreement in 2016 with the HOA’s attorneys to stop the garnishment. Under that agreement, the Inostrozas would pay approximately $3,100 in installments. They finished paying that amount off by this past January, according to documentation reviewed by CNBC.
“But it seemed like [the deal] never got to the management [company] or homeowners association,” Enrique Inostroza said. “They were just adding fines and adding interest.”
The Inostrozas estimate they’ve paid about $12,000 in fines and garnished wages to the HOA in addition to thousands in legal fees to their lawyer. As of Aug. 18, 2023, the most recent invoice the Inostrozas received, the HOA says they owe nearly $8,000.
CNBC reached out multiple times to Homeowners Management LLC for comment and received automated responses directing us to contact the current management company, which changed hands as of August 2023.
A representative of the current management company, Sentry Management, told CNBC because it “just became the management company for this community in the last couple of months, [Sentry has] little ability to comment on historical facts,” regarding the Inostrozas’ case.
“Once a homeowner has been referred to an attorney for delinquency, which happened well before Sentrywas involved, the homeowner needs to resolve the matter with the association’s attorney,” Bradley Pomp, president of Sentry Management, explained to CNBC in an email. “We do not have any authority to get involved or bring settlement.”
The attorneys that represent the HOA did not respond to CNBC’s repeated requests for comment.
The former director of the HOA board, who oversaw the association from 2020 until her resignation in October 2023, declined to comment.

The case for HOAs

A big part of many HOA sales pitches is that the presence of the organization helps increase property values.
“The board is responsible for protecting property values,” said Tom Skiba, CEO of the Community Associations Institute, a membership organization of homeowner and condominium associations. “For most people in the U.S., [their homes are] the single biggest investment they’re ever going to make.”
There’s mixed data about the effects HOAs have on property values.
On average, HOA homes cost at least 4% — or $13,500 — more on average than non-HOA homes, according to a 2019 study in the Journal of Economics. But those property values can vary significantly by location. A 2019 analysis from Critical Housing Analysis of three different U.S. cities found that the home values in HOA areas were less than those in neighborhoods without them.
HOAs can also be necessary to manage shared amenities or land, which can be a value-add for homeowners. In single-family home communities, that could be shared swimming pools or even golf courses. They may also offer homeowners services to help maintain their properties.
“There are associations out there that handle all the landscaping,” Skiba said. “Even though you may own your lot, the association cuts the grass and they do all the landscaping. You find that very commonly in over 55 communities where folks just don’t want to be bothered with that kind of task anymore. So is that a cost savings? Sure.”

‘They act as hyperlocal governments’

The Inostrozas’ experience with their HOA highlights some patterns of power dynamics seen across the country.
More than half, 57%, of homeowners with an HOA dislike the arrangement, and more than 3 in 10 say they feel their HOA has too much power, according to a 2023 survey conducted by Rocket Mortgage. The lender surveyed 1,001 Americans with an HOA.
“They act as hyperlocal governments and, in many ways, supersede all the other laws that exist,” said Steve Horvath, co-founder of advocacy group HOA United.

HOAs are rooted in “the desire for municipalities to offload their responsibilities for taking care of things that you would normally associate with paying your taxes,” Horvath said, such as maintaining sidewalks, roads and sewers.
Homeowners who have disputes with their HOA say they have trouble getting help from official government channels.
“The only rights that homeowners have is to take them to civil court,” said Raelene Schifano, co-founder of HOA United. “And it’s not a successful project.”
Lawmakers in several states, including Maryland, North Carolina and Florida, have introduced legislation to address some of the issues homeowners have been raising about HOAs, but they have been met with backlash from the professional management industry.
As of right now, change has to happen at the grassroots level, with homeowners fighting through the court system as well as through voting for a board they feel represents them.
Watch the video to learn more about how homeowners associations are shaping American neighborhoods. More

As pay transparency laws have come into effect, employers are lowering advertised salary bands.
A majority of firms are complying with the new laws. Some, however, are not, while others are posting pay even when not required.

State and local pay transparency laws enacted over the last few years have more employers disclosing salary ranges in job descriptions.
Yet, wages aren’t growing as expected. The growth of advertised wages for new hires is slowing, according to a report from job posting service ZipRecruiter — and in some cases, it’s reversing, with companies now posting lower pay ranges.

Some jobs go unfilled as employers lower pay ranges

After two years of increasing wages, some companies are now leaving some jobs unfilled because candidates want more pay than the company is prepared to offer. Still, nearly half, 48%, say they have lowered pay bands for some roles in the past year, ZipRecruiter found. The site surveyed more than 2,000 recruiters and hiring managers this summer. 
“Employers are trying to reset candidate expectations,” said Julia Pollak, chief economist at ZipRecruiter.
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When labor shortages were acute during the Covid-19 pandemic, employers were emphasizing the top of their salary ranges and paying signing bonuses, but that caused issues with existing employees. 
“While they were being very competitive externally, they were threatening internal equity and internal incentives,” Pollak said. “There needs to be some [salary] growth year after year to keep people around and to keep them engaged.”

Some employers don’t follow pay transparency rules

Sturti | E+ | Getty Images

About 30% to 40% of employers are not complying with new state pay transparency laws, according to Revelio Labs, a workforce analytics firm. The compliance rate sits near 70% in the states that have had laws in place since 2021.
In Washington state, job applicants and current employees can file a complaint or bring a civil lawsuit if a company doesn’t comply with the law. The state Department of Labor & Industries says it has received 307 complaints so far this year and has 39 currently under investigation.
Companies in Washington that are allegedly not in compliance also face numerous class action lawsuits. Attorney Timothy W. Emery, partner at Emery Reddy, a Seattle-based workers’ rights law firm, has filed dozens of lawsuits against employers in the state.
“We have had so many clients reach out to us who are still facing pay inequality,” said Emery. “We felt now was the time to take action on their behalf and put an end to these illegal practices once and for all.”

Other companies post pay even when not required

But there has also been a spillover effect with companies that have complied with pay transparency laws. Nearly 40% of firms post salaries for jobs even in states that don’t have a requirement, according to Revelio Labs data.
“With the rise of remote work, it’s just too much hassle for employers to figure out” how to adjust their postings to comply with varying state and local requirements, said Lisa Simon, chief economist at Revelio Labs.

SalesLoft, a revenue workflow platform based in Atlanta, publishes pay for all of its jobs posted in the U.S.
“We don’t want to waste anybody’s time [by taking] them through a whole interview process,” said Katie Cox Branham, vice president of people at SalesLoft.
The company also benchmarks salaries on an annual basis.
“We assess existing employees’ salaries during our once-a-year merit increase and make adjustments to make sure that we have pay equity between existing employees and anybody that we bring in,” Branham noted. 

Talking about pay is no longer taboo

In addition to the states and local jurisdictions requiring employers to post salary ranges in job postings, employees have become more open to talking about their pay with their peers. 
“Gen Z, the newest generation entering the workplace, are really starting to demand pay transparency,” said Erica Keswin, a workplace strategist, speaker and author.
She advises companies to have a comprehensive strategy to address pay and to understand what will motivate their workers, from flexible work arrangements to family-care benefits and the ability to develop and grow on the job.
“It’s not really a one-size-fits-all kind of thing,” Keswin said.Don’t miss these CNBC PRO stories: More

Many Americans fear Social Security benefits won’t be there for them when they retire, yet those worries are largely unfounded.
“It’s a long way from not having any money to pay for any benefits,” Stephen Goss, Social Security’s chief actuary, said last week of the program’s funds.
Here’s what may happen in the worst-case scenario, and how you can find out how much you could be eligible for in retirement.

Thomas Barwick

What may happen in the worst-case scenario

Yet it is possible benefits may be reduced.
In the worst-case scenario, Social Security may reach a point within 10 years where the program may only be able to pay about 80% of scheduled benefits, Goss said.
Today, Social Security has two trust funds that have a total of $2.8 trillion in reserves and function like savings accounts for the program, according to Goss. The trust funds collect any extra money that comes into the program. When more money is needed to pay benefits beyond what is coming in through payroll taxes, the trusts funds are available.
But projections show the $2.8 trillion reserves will be used up around 2033 or 2034, Goss said. At that point, the income coming into the program will be less than what is required to pay benefits under current law.

Social Security’s actuaries are responsible for estimating the future costs of benefits that must be paid and comparing that with the amount of revenue projected to come in, according to Goss.
When there is an imbalance, as with the current projected shortfall, it is up to Congress to make changes.
Some lawmakers have started to propose potential ways of approaching the problem. Both Republicans and Democrats will have to approve any changes for them to become law.
Yet even with looming benefit cuts, most experts say it’s generally best to wait to claim retirement benefits.

The decision to wait is really buying longevity insurance from Social Security.

Laurence Kotlikoff
Boston University economics professor and creator of Maximize My Social Security

By waiting to age 70, retirees stand to get the biggest monthly benefit checks, according to research from experts including Laurence Kotlikoff, a Boston University economics professor and creator of Maximize My Social Security, a claiming software tool.
Retirement benefits taken at age 70 are 76% higher, adjusted for inflation, than retirement benefits taken at 62, Kotlikoff’s research found. This holds true even as the retirement age gradually climbs higher, to 67.
“The decision to wait is really buying longevity insurance from Social Security,” Kotlikoff recently told CNBC.com.

How to check your benefit eligibility

Even if you’re many years away from retirement, you may be able to get an estimate now of how much your Social Security benefits may be in retirement.
By signing up for a My Social Security account online, you may access your record that shows your personal earnings history beginning with your first job, according to Goss.
With that information, the Social Security Administration provides estimates of how much in benefits you may receive if you become disabled, retire or die, thus leaving benefits to eligible survivors.

“The benefits that are indicated here are the benefits that are expected to be provided under current law with sufficient financing to pay for them,” Goss said.
“These give a very, very good indication to individuals of what they might get in the future,” he said.
Importantly, those estimates are expressed in today’s dollars, such as the current value of your earnings today or the cost of shopping at the grocery store. So if you’re 35, with another 30 years to your anticipated retirement, the estimate you see will change.
“The amount that you would actually get 30 years from now will, of course, be much higher as the cost of living in general will be rising,” Goss said. More

Despite inflation concerns, most middle-income Americans still aren’t leveraging higher interest rates for savings.
Some 64% of middle-income Americans are currently earning less than 3% on their primary savings account, according to a new survey.
Many savers aren’t aware of their current rates or don’t believe moving accounts is worthwhile.

Despite inflation concerns, most middle-income Americans still aren’t leveraging higher interest rates for savings.
That’s according to a new Santander survey of roughly 2,200 middle-earning U.S. adults, conducted in early September.

Some 64% of middle-income Americans are earning less than 3% on their primary savings account, the findings show. By comparison, the top 1% average of high-yield savings accounts offer close to 5%, as of Oct. 30, according to DepositAccounts.
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The bank was surprised that 22% of consumers still don’t know how much they are earning on savings, said Tim Wennes, CEO of Santander U.S.
But a lack of awareness isn’t the main reason why Americans aren’t taking advantage of higher rates, according to the survey. The top reason for not moving funds — applying to some 37% of respondents — was because they either don’t have any savings or don’t have enough to “make it worthwhile.”
However, some 36% of those surveyed have at least $10,000 in savings, Wennes pointed out.

“I would argue it is worth their while” to explore higher-yielding options, he said. “Become aware, look at your statements and then take action.”

The survey also uncovered a lack of knowledge about the definition of savings products such as certificates of deposit, high-yield savings accounts or money market accounts.

Certificates of deposit can lock in higher rates

As Americans brace for another interest rate update from the Federal Reserve this week, experts say savers may consider opening a CD to secure higher rates for a set period of time. While the central bank isn’t expected to raise rates, future policy shifts are still unclear.
Currently, the top 1% average of CDs are offering nearly 5.75% for a one-year term, as of Oct. 30, according to DepositAccounts.
“More and more of our customers are asking about higher interest rates,” said Wennes, noting there’s been a decade-high uptick in CD interest.
Compared with options such as high-yield savings or Series I bonds, top rates for one-year CDs could be a better deal, according to Ken Tumin, founder and editor of DepositAccounts.com.
Of course, the right savings option largely depends on your goals and timeline. If you need to tap the funds in less than a year, CDs typically have an interest penalty, which lowers your overall yield. More

The national average credit score hit a fresh high of 718, according to a new report from FICO.
Credit scores improved year over year despite the high cost of living, which has caused more consumers to fall deeper in debt.
As of April, the average credit card utilization was 34%, up from 31% a year earlier.

Credit scores rose as consumers took on more debt

As higher prices weighed on most Americans’ financial standing, consumers, as a whole, have fallen deeper in debt, causing an increase in credit card balances and an uptick in missed payments.
As of April, the average credit card utilization was 34%, up from 31% a year earlier.
Your utilization rate, the ratio of debt to total credit, is one of the factors that can influence your score. Credit experts generally advise borrowers to keep revolving debt below 30% of their available credit to limit the effect that high balances can have.

Still, delinquency rates are low by historical standards, said Ted Rossman, senior industry analyst at Bankrate. “People are working and keeping up with their bills.
“Even if they are not saving more, they are keeping up, for the most part.”
A strong labor market and cooling inflation have helped offset high interest rates and consumer prices, FICO found, and so has the removal of certain medical collections data from consumer credit files.

However, “FICO scores are a lagging, not a leading, indicator,” Dornhelm said. The possibility of a recession coupled with rising unemployment could weigh on scores going forward, he added.
Experts also expect the resumption of student loan payments to take a bite out of household budgets, while elevated gas prices and geopolitical tensions are hitting confidence levels.  

What is a ‘good’ credit score?

Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. You’re more likely to be approved, and if you’re approved, you can qualify for a lower interest rate.
A good score generally is above 670, a very good score is over 740 and anything above 800 is considered exceptional.

An average score of 718 by FICO measurements means most lenders will consider your creditworthiness “good” and are more likely to extend lower rates.
Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. They steadily ticked higher until the Covid-19 pandemic, when government stimulus programs and a spike in household saving helped scores jump to a historical high.
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The Education Department announced it would penalize student loan servicer Mohela for its failure to send timely billing statements to 2.5 million borrowers.
As a result of the error, more than 800,000 borrowers were delinquent on their loans, the department said in a statement.

The U.S. Department of Education in Washington, D.C.
Caroline Brehman | CQ-Roll Call, Inc. | Getty Images

The U.S. Department of Education will penalize student loan servicer Mohela, or the Missouri Higher Education Loan Authority, for its failure to send timely billing statements to 2.5 million borrowers.
As a result of Mohela’s errors, more than 800,000 borrowers were delinquent on their loans, the Education Department said in a statement Monday.

The department is withholding $7.2 million in payment to Mohela for October, and has directed the servicer to place all affected borrowers in forbearance until the issue is fully resolved, it said.
“Our top priority is to support borrowers as they return to repayment and fix the broken student loan system, and we will not tolerate errors from loan servicers that cause confusion and unwarranted financial instability for borrowers and families,” said Rich Cordray, the chief operating officer of federal student aid.
Higher education expert Mark Kantrowitz said he believed this was one of the first instances of the government withholding payment from a student loan servicer.
“Borrowers are penalized for making late payments,” Kantrowitz said. “It is only fair for the loan servicer to be penalized for mailing late statements.”
Mohela did not immediately respond to a request for comment.

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Federal student loan payments were on pause since March 2020, but resumed this month.
The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial. The government pays the servicers a total of more than $1 billion a year to do so, Kantrowitz said.
In a September letter to the student loan servicers, Sen. Elizabeth Warren, D-Mass., and other lawmakers wrote that they were “deeply worried about your preparedness for this unprecedented return to repayment.”
In response, the servicers admitted that they were concerned, too.
Mohela wrote that when payments restart it is “anticipating extended wait times and servicing delays.”
Yet the servicers had months to prepare for the transition, said Braxton Brewington, press secretary for the Debt Collective, an organization that advocates for debt cancellation.
And, long before the pandemic, the companies had a record of mishandling borrowers’ accounts, Brewington said.
“At what point do you start to question why the Biden administration is still contracting with Mohela and servicers who have financial incentives to do the wrong thing?” he said in a recent CNBC interview.
This is breaking news. Please check back for updates. More