This doesn't apply to me, but couldn't this be a catch-22? To get a job/social status where you're making good money, you need to get a suit, but you need the money for a suit in order to get that job.

Also, you could just be averse to a perceived waste of money, even if you could afford it (my case).

It isn't a catch-22 so much- you don't need to be making banker money to dress like a banker, so you can climb the ladder over time.