Final answer:
The statement in question is false; it actually describes personalized power rather than socialized power, with the latter being used for the benefit of society.
Step-by-step explanation:
The statement "The need for socialized power occurs when individuals enjoy their power for its own sake, use it to advance personal interests, and wear their power as a status symbol" is false. Socialized power refers to power used responsibly and for the benefit of many, often in line with societal values or goals. The description given is more indicative of personalized power, which is self-serving and focused on personal gain. Individuals who enjoy power for its own sake and use it to further personal interest demonstrate characteristics of personalized power rather than socialized power.